Act 2013
Lög um útgáfu og meðferð rafeyris nr. 17/2013 (Act No. 17/2013 on the Issue and Handling of Electronic Money)
Issued by Seðlabanki Íslands (Central Bank of Iceland)
Effective: 1 Apr 2013
Plain-English summary
Covers the issue and handling of electronic money by domestic and foreign e-money institutions in Iceland. Art. 25 requires funds received for e-money to be safeguarded and kept separate from the institution's own funds.
Who it applies to
Payments & Fintech
Topics
Payments & Fintech / Digital Assets
Obligations arising from this law or regulation
| Obligation | Timing | Regulator | Source | Detail |
|---|---|---|---|---|
| Safeguarding of e-money funds | Within 5 business days where funds arrive through a payment instrument | Seðlabanki Íslands (Central Bank of Iceland) | source | |
Art. 25 requires funds received in exchange for e-money to be held safely and kept separate from the institution's own funds, for example in a deposit account at a financial undertaking or in secure, liquid, low-risk assets. Funds received through a payment instrument must be safeguarded within five business days of issue. |
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| No obligations match these filters. | ||||
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