{"title":"The Three Lives of Electronic Money Institutions","authors":"G. Gimigliano","doi":"10.54648/eulr2023031","DOIUrl":null,"url":null,"abstract":"Electronic Money Institutions (EMIs) are non-banking financial institutions specialized in the issuing of electronic money and the provision of payment services. They were introduced in 2000 and revised in 2009, but the MiCA Regulation proposal will amend their legal framework. Through a legal analysis of the “lives” of EMIs, this paper argues that the European framework for EMIs has, over time, levelled market conditions for business entities professionally providing the issuance of e-money, but still lacks a consistent construction and application of European standards and waivers, suffering from a dystopian approach between public and private enforcement.\ne-money, fintech, PSD 2015, MiCA, EMIs, crypto-assets, money as a social institution, level playing field, financial stability, monetary function","PeriodicalId":53431,"journal":{"name":"European Business Law Review","volume":" ","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"European Business Law Review","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.54648/eulr2023031","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"Social Sciences","Score":null,"Total":0}
引用次数: 0
Abstract
Electronic Money Institutions (EMIs) are non-banking financial institutions specialized in the issuing of electronic money and the provision of payment services. They were introduced in 2000 and revised in 2009, but the MiCA Regulation proposal will amend their legal framework. Through a legal analysis of the “lives” of EMIs, this paper argues that the European framework for EMIs has, over time, levelled market conditions for business entities professionally providing the issuance of e-money, but still lacks a consistent construction and application of European standards and waivers, suffering from a dystopian approach between public and private enforcement.
e-money, fintech, PSD 2015, MiCA, EMIs, crypto-assets, money as a social institution, level playing field, financial stability, monetary function
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The mission of the European Business Law Review is to provide a forum for analysis and discussion of business law, including European Union law and the laws of the Member States and other European countries, as well as legal frameworks and issues in international and comparative contexts. The Review moves freely over the boundaries that divide the law, and covers business law, broadly defined, in public or private law, domestic, European or international law. Our topics of interest include commercial, financial, corporate, private and regulatory laws with a broadly business dimension. The Review offers current, authoritative scholarship on a wide range of issues and developments, featuring contributors providing an international as well as a European perspective. The Review is an invaluable source of current scholarship, information, practical analysis, and expert guidance for all practising lawyers, advisers, and scholars dealing with European business law on a regular basis. The Review has over 25 years established the highest scholarly standards. It distinguishes itself as open-minded, embracing interests that appeal to the scholarly, practitioner and policy-making spheres. It practices strict routines of peer review. The Review imposes no word limit on submissions, subject to the appropriateness of the word length to the subject under discussion.
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