Regulatory Alerts2026-01-06
Law No. 2016-056 on Electronic Money and Electronic Money Institutions
The Presidency of Madagascar promulgated Law No. 2016-056 to establish a comprehensive legal framework governing electronic money and the institutions that issue it. The legislation defines electronic money as a cash-equivalent claim stored on digital media, mandates licensing by the Banking and Financial Supervisory Commission (CSBF), and outlines strict operational rules for issuance, management, and cross-border transfers. It further prohibits unauthorized deposit-taking and credit-granting by licensed entities while guaranteeing users real-time settlement, full traceability, and immediate refund rights.
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