The Legal Aspect Of Non-bank Electronic Money Issuer

The broad use and the prosperous future of e-money(electronic money) triggered alot of non-bank institutions come into the e-money industry, but the conflicts betweenthe issuer and users are also rose up. The situation now is that, one the one side,e-money is widely used, and on the other, the regulation of e-money issuer is just on thefirst step. Though, legislation maybe has some negative effects on the technicaldevelopment of e-money, appropriate regulation will both speed up the whole e-moneyindustry and protect the rights of the e-money users. In the meantime jural study of thee-money in our country is near vacuity, so make great efforts on the jural study of thebasic right, obligation and regulation of the e-money issuer will pave the way for thelegislation of e-money.For the above purposes, this article will study the non-bank e-money issuer by theway of comparative analysis, positive analysis and economic analysis etc.. The article isdivided into tree parts. The first part, studies the definition and the legal nature ofe-money and also make us understanding the intension and extension of e-money. Weshould notice that, the writer not only make a comparative analysis of different types ofe-money definition, but also classifies the e-money in his own way. The commonclassification of e-money bases on the technology and this kind of classification has nouse in the jural study of e-money, so the writer concludes e-money into tree types: typeone(ELM1), issued by bank, debit card is the representation;type tow(ELM2), issuedby non-bank institution for the surrogate of cash;type tree(ELM3), issued bymanufacturer mainly for the convenient use of the products such as telephone card,communication card etc.. This kind of classification distinguishes the e-money by theiruse and makes a shortcut for the jural study of e-money;Bases on the first part, thesecond part studies the basic right, obligation and some common risk burden ofe-money issuer;To insure the execution of the outcome in the second part, the last partfocus on the construction of the legal framework of e-money issuer's regulation. Thispart includes the regulatory objective, regulatory body, regulatory procedure andregulatory content. The threshold condition which in the regulatory content, also is thekey part in the whole regulation of issuer. The writer not only discusses the commonsituation of threshold condition, but also specifies the threshold condition for smalle-money issuer. This specification references the foreign experience of legislation, inthe meantime, accord with the situation in China, so it is very important andmeaningful.