You can see the rules and regulations in other jurisdictions.
Payment services can be provided by non-bank institutions; either an electronic money institution or a payment institution –this latter one is subject to Section 9 of the Danish Payments Act. Licensing is handled by the DFSA, who offer two options: full licence and restricted licence - in which case a specific threshold must be followed. The process for obtaining restricted licences includes fewer documentary requirements, making it faster. The DFSA will have three months to process the application from the date of the receipt of a complete application (i.e., an application that contains all the required information and appendices that are necessary for the DFSA to process the application). There will be no initial fees to be paid to the DFSA with respect to the application. However, once the licence has been granted, the payment service provider will be subject to an annual fee adjusted on a yearly basis.1
Generally, a service provider will need to obtain a payment institution license if they only transfer funds between parties. It is possible to conduct intermediary activities related to payments between two parties with a licence to provide payment services; for example, by transferring: (1) an initial loan from an investor to a project owner; (2) interest; or (3) repayments. The transferral of funds can be initiated in several ways, where the specific way in which the service is provided will be decisive for what permission is required under the Payments Act.1
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