Cap. 376 Art. 8FIssuance and redeemability of electronic money.

(1) Electronic money institutions shall issue electronic money at par value on the receipt of funds.

(2) Upon request by the electronic money holder, electronic money institutions shall redeem at any moment and at par value the monetary value of the electronic money held without delay.

(3) For the better carrying out of the provisions of this article and to bette transpose the provisions of the Electronic Money Directive, the competent authority may, from time to time, issue, amend or revoke Financial Institutions Rules that shall be binding on electronic money institutions as specified therein.