Licensed Activities


Funds are a vehicle (usually a type of company) which allows multiple people to co-invest in a project. They are often called Collective Investment Schemes (CISs) and generally will need to be licensed in some way or fall into a licence exemption. CISs are used in all situations where co-financing is required but which type of vehicle is appropriate will vary depending on each case. Funds may be open or closed.


The issuing of online money or transfer instruments is, in some countries, possible under an eMoney licence without the requirement for a full banking licence. Depending on the country of operation the licensable activity may be either the origination or merely the order matching or reselling of electronic payment instruments. Electronic payment instruments are usually defined as any means of payment which can be used to pay a third-party (so the issuing by a company of vouchers for its own services is likely to be excluded from licensing).

Online Gaming

Online gaming itself and many services ancillary to online gaming are regulated in almost every country in the world and has been effectively outlawed in others. Frequently more than one country's laws are relevant since regulation should be considered both in the country where a company is registered and in the country from which it is being operated (if different).