On 9 May 2002 at 18:11, Adam Back wrote: > On Thu, May 09, 2002 at 04:09:23PM +0100, Ken Brown wrote: > > "anybody that wishes to issue electronic money can do so as long as they > > satisfy a number of core criteria specified by the Financial Services > > Authority (FSA), without having to first obtain a banking license. In > > essence this means that as long as the issuers of the e-money can meet > > the capital requirements of one million Euros or 2 percent of the > > e-money to be issued, they are free to do so. > > Do you know is that minimum or maximum of those two figures? ie if > you have 2% of capital you issue is that enough or does it have to be > larger of those. GBP 600K (USD 900K) is still a lot of money for a > small scale operation. If it were the former it might be more > plausible that someone might set something up as a hobby operation. > The tricky part as ever will be putting money into the system if it's > anonymous ecash, to limit fraud. Interfacing anonymous to > non-anonymous transaction systems is a problem. The convenient > non-anonymous transactions systems (credit cards, debit cards) > typically are quite vulnerable to fraud and have weak security > systems. >
I got the impression you had to meet both criteria from the article. I did some googling, http://europa.eu.int/comm/internal_market/en/finances/general/108 5en.pdf appears to be the EU memeorandum on the directive, except it says 500K ECU instead of one million Euros (it's from 1998, maybe there's a more up to date version, or maybe not). George > Adam
