PART IIELECTRONIC MONEY

Amendments of the principal Order

Definition of “electronic money”2

In article 3(1) of the principal Order (interpretation), after the definition of “deposit” insert—

  • “electronic money” means monetary value, as represented by a claim on the issuer, which is—

    1. a

      stored on an electronic device;

    2. b

      issued on receipt of funds; and

    3. c

      accepted as a means of payment by persons other than the issuer;