Nicaragua

Art. 3 allows only entities with a BCN licence or registration to operate as a payment service provider (PSP) or virtual asset service provider (PSAV); the two are separate licences. Banks supervised by the SIBOIF need no licence but must register with the BCN. Art. 7 requires the provider to ask the BCN for authorisation to start operations, and the BCN decides a licence application within 90 business days of a complete file.

Art. 3 allows only entities holding a BCN-issued licence to administer an electronic payment system. Art. 5 gives the BCN up to 90 business days to decide an application, and the administrator must request BCN permission before starting operations.

Art. 3 allows only entities with a BCN licence or registration to operate as remittance payment service providers (PSPR) or currency purchase and exchange providers (PSCM); each is a separate authorisation. Natural persons, and legal persons other than SIBOIF-supervised banks and CONAMI-supervised microfinance institutions, need a licence; those banks and institutions must register with the BCN before offering the services.

Art. 8(d) requires PSPs that issue electronic money or hold user funds in payment accounts to keep those funds segregated from their own funds and deposited in authorised financial entities. Art. 8(e) requires PSAVs holding customers' virtual assets or fiat to apply security measures against loss, theft or unauthorised access, including secure storage and fund segregation.