The Electronic Money Regulations 2011 No. 99

PART 5 U.K. ISSUANCE AND REDEEMABILITY OF ELECTRONIC MONEY

Issuance and redeemability U.K.

39.  An electronic money issuer must—

(a) on receipt of funds, issue without delay electronic money at par value; and

(b) at the request of the electronic money holder, redeem—

(i) at any time; and

(ii) at par value,

the monetary value of the electronic money held.