The Electronic Money Regulations were signed into law by the Minister for Finance, Charlie McCreevy, on 29th May, 2002. The Regulations implement a European Directive on this area and establish a regulatory regime under which what are known as Electronic Money Institutions (EMIs) can operate. These EMIs may issue e-money and do not have to have a full banking licence from the Central Bank to do so. The general aim appears to be to encourage those in other sectors such as retail, computers and telecommunications to become involved in the issuance of e-money, separate and apart from traditional banks.
This article explains the concept of e-money, the regulatory requirements for becoming an e-money issuer, and the rights of EMIs established here to operate in other EU Member States.
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