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EU Proposes Rules to Expand Prepaid and Stored Value Card Market
printThe European Union proposed rules Tuesday on how electronic money might be issued, a step meant to further expand the market for prepaid and stored value payment products. The European Commission said in the 21-page proposal that current rules issued in 2000 have hampered the regional growth of electronic money markets. Current rules also create an inconsistent legal framework for waivers and the application of anti-money laundering rules, said the commission. The commission's proposal would simplify the definition of electronic money to include stored value and prepaid products, as well as electronic money stored remotely on a server. The expanded...
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