Contrast with European approach
EU: Definition of Electronic money Institution
define electronic money and specify the activities which electronic money institutions are allowed to engage in;
define electronic money and specify the activities which electronic money institutions are allowed to engage in;
exempt these institutions from certain provisions of the First and Second Banking Directives and make them subject to the Money Laundering Directive and the Consolidated Supervision Directive (except for the latter, EU banking legislation will not apply to e-money institutions unless this is specifically provided for);