<SEC-DOCUMENT>0001437749-21-002048.txt : 20210205
<SEC-HEADER>0001437749-21-002048.hdr.sgml : 20210205
<ACCEPTANCE-DATETIME>20210205080048
ACCESSION NUMBER:		0001437749-21-002048
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		3
REFERENCES 429:			333-195476
REFERENCES 429:			333-208364
REFERENCES 429:			333-212277
REFERENCES 429:			333-221082
REFERENCES 429:			333-228647
REFERENCES 429:			333-236719
FILED AS OF DATE:		20210205
DATE AS OF CHANGE:		20210205
EFFECTIVENESS DATE:		20210205

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Net Element, Inc.
		CENTRAL INDEX KEY:			0001499961
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
		IRS NUMBER:				901025599
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-252767
		FILM NUMBER:		21593703

	BUSINESS ADDRESS:	
		STREET 1:		3363 NE 163RD STREET
		STREET 2:		SUITE 705
		CITY:			NORTH MIAMI BEACH
		STATE:			FL
		ZIP:			33160
		BUSINESS PHONE:		(305) 507-8808

	MAIL ADDRESS:	
		STREET 1:		3363 NE 163RD STREET
		STREET 2:		SUITE 705
		CITY:			NORTH MIAMI BEACH
		STATE:			FL
		ZIP:			33160

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Net Element International, Inc.
		DATE OF NAME CHANGE:	20121002

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Cazador Acquisition Corp Ltd.
		DATE OF NAME CHANGE:	20100825
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>nete20210204_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
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	<title>nete20210204_s8.htm</title>

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			<td style="width: 50%;">As filed with the Securities and Exchange Commission on February 4, 2021</td>
			<td style="width: 50%; text-align: right;">Registration No.&nbsp;333-_______&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
		</tr>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:18pt;margin:0pt;text-align:center;"><b>UNITED STATES</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:18pt;margin:0pt;text-align:center;"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Washington, D.C. 20549</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:18pt;margin:0pt;text-align:center;"><b>FORM&nbsp;S-8</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>REGISTRATION STATEMENT</b> <b>UNDER THE</b> <b>SECURITIES ACT OF 1933</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:18pt;margin:0pt;text-align:center;"><b>Net Element,&nbsp;Inc.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Exact name of registrant as specified in its charter)</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="width: 100%; text-indent: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; margin-right: 0pt;">

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			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 30%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Delaware</b></p>
			</td>
			<td style="vertical-align: top; width: 10%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 30%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>98-0668024</b></p>
			</td>
			<td style="vertical-align: top; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
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			<td style="vertical-align: top; border-bottom: 1px rgb(0, 0, 0); width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; border-bottom: 1px rgb(0, 0, 0); width: 30%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(State or other jurisdiction of</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">incorporation or organization)</p>
			</td>
			<td style="vertical-align: top; width: 10%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; border-bottom: 1px rgb(0, 0, 0); width: 30%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(I.R.S. Employer</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Identification No.)</p>
			</td>
			<td style="vertical-align: top; border-bottom: 1px rgb(0, 0, 0); width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="width: 100%; text-indent: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; margin-right: 0pt;">

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			<td style="vertical-align: top; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); width: 30%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>3363 NE 163rd Street, Suite 606</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>North Miami Beach, FL</b></p>
			</td>
			<td style="vertical-align: top; width: 10%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 30%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>33160</b></p>
			</td>
			<td style="vertical-align: bottom; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: top; border-bottom: 1px rgb(0, 0, 0); width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; border-bottom: 1px rgb(0, 0, 0); width: 30%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Address of Principal Executive Offices)</p>
			</td>
			<td style="vertical-align: top; width: 10%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; border-bottom: 1px rgb(0, 0, 0); width: 30%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Zip Code)</p>
			</td>
			<td style="vertical-align: top; border-bottom: 1px rgb(0, 0, 0); width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>NET ELEMENT,&nbsp;INC.<br>
2013 EQUITY INCENTIVE PLAN</b><br>
(Full title of the plan)</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Jeffrey Ginsberg</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Chief Financial Officer</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Net Element,&nbsp;Inc.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>3363 NE 163rd Street, Suite 606</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>North Miami Beach, Florida 33160</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Name and address of agent for service)</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(305) 507-8808</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Telephone number, including area code, of agent for service)</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">With copies to:</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Serge Pavluk, Esq.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Snell &amp; Wilmer L.L.P. </b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>350 South Grand Avenue, 31</b><sup style="vertical-align:top;line-height:120%;font-size:pt"><b>st</b></sup><b> Floor</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Los Angeles, California 90071-3406</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer&#8221; and &#8220;smaller reporting company&#8221; in Rule&nbsp;12b-2 of the Exchange Act. (Check one):</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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			<td style="width: 18pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#9744;</p>
			</td>
			<td>
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Large accelerated filer</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 18pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#9744;</p>
			</td>
			<td>
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Accelerated filer</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 18pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#9746;</p>
			</td>
			<td>
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Non-accelerated filer</p>
			</td>
		</tr>

</table>

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		<tr style="vertical-align: top;">
			<td style="width: 18pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#9746;</p>
			</td>
			<td>
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Smaller reporting company</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 18pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#9744;</p>
			</td>
			<td>
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Emerging growth company</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. &#9744;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>&nbsp;</b></p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
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<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>CALCULATION OF REGISTRATION FEE</b></p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt;">

		<tr>
			<td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 34.9%; border-top: 3px double black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Title&nbsp;of<br>
			securities&nbsp;to<br>
			be&nbsp;registered</b></p>
			</td>
			<td style="vertical-align: bottom; border-width: 3px 1px 1px; border-style: double solid solid; border-color: black black rgb(0, 0, 0); width: 18.5%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Amount&nbsp;to&nbsp;be<br>
			registered</b><sup style="vertical-align:top;line-height:120%;font-size:pt"><b>(1)(2)</b></sup></p>
			</td>
			<td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 14%; border-top: 3px double black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Proposed<br>
			maximum<br>
			offering&nbsp;price<br>
			per&nbsp;share</b><sup style="vertical-align:top;line-height:120%;font-size:pt"><b>(3)</b></sup></p>
			</td>
			<td style="vertical-align: bottom; border-width: 3px 1px 1px; border-style: double solid solid; border-color: black black rgb(0, 0, 0); width: 15.8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Proposed<br>
			maximum<br>
			aggregate<br>
			offering&nbsp;price</b><sup style="vertical-align:top;line-height:120%;font-size:pt"><b>(3)</b></sup></p>
			</td>
			<td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 16.7%; border-top: 3px double black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;Amount&nbsp;of<br>
			registration<br>
			fee</b><sup style="vertical-align:top;line-height:120%;font-size:pt"><b>(3)</b></sup></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 34.9%; border-bottom: 3px double black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Common Stock, par value $0.0001 per share</p>
			</td>
			<td style="vertical-align: bottom; width: 18.5%; border-left: 1px solid black; border-right: 1px solid black; border-bottom: 3px double black;">
			<p style="font-size: 1pt; margin: 0; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif"><b>&nbsp;</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">210,500 shares</p>
			</td>
			<td style="vertical-align: bottom; width: 14%; border-bottom: 3px double black;">
			<p style="font-size: 1pt; margin: 0; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif"><b>&nbsp;</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">$12.76</p>
			</td>
			<td style="vertical-align: bottom; width: 15.8%; border-left: 1px solid black; border-right: 1px solid black; border-bottom: 3px double black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">$2,685,980.00</p>
			</td>
			<td style="vertical-align: bottom; width: 16.7%; border-bottom: 3px double black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">$293.04</p>

			<p style="font-size: 1pt; margin: 0; text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif"><b>&nbsp;</b></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:'Times New Roman', Times, serif;font-size:10pt;">

		<tr>
			<td style="width:18pt;">&nbsp;</td>
			<td style="width:18pt;vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">(1)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">Represents an additional 210,500 shares of common stock, par value $0.0001, of the Common Stock issuable under the 2013 Equity Incentive Plan, as amended (the &#8220;Plan&#8221;). The Registrant previously filed a Registration Statement on Form S-8 (No. 333-195476) with respect to shares issuable under the Plan before amendment, and Registration Statements on Form S-8 (Nos. 333-208364, 333-212277, 333-221082, 333-228647 and 333-236719) with respect to additional shares issuable under the Plan following the prior amendments to the Plan.</p>
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			<p style="margin-right: 0pt; margin-top: 0pt; text-align: justify; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(2)</p>
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			<p style="margin-right: 0pt; margin-top: 0pt; text-align: justify; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&nbsp;Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), there are also registered hereunder such indeterminate number of additional shares as may be issued to prevent dilution resulting from stock splits, stock dividends or similar transactions. In addition, pursuant to Rule 416(c) under the Securities Act, this registration statement shall be deemed to register an indeterminate amount of interests to be offered or sold pursuant to the employee benefit plan described herein, including interests in such plan that constitute separate securities required to be registered under the Securities Act.</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">(3)</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">Computed in accordance with Rule&nbsp;457(h)&nbsp;under the Securities Act based on the average of the high and low sales prices per share of the Common Stock as reported on The NASDAQ Capital Market on February 2, 2021.</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>EXPLANATORY NOTE AND STATEMENT OF INCORPORATION BY REFERENCE</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">This Registration Statement on Form S-8 is being filed for the purpose of registering an additional 210,500 shares of Common Stock to be issued pursuant to the Company&#8217;s 2013 Equity Incentive Plan, as amended (as amended, the &#8220;Plan&#8221;). In accordance with Section E of the General Instructions to Form S-8, the Registration Statements on Form S-8 previously filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on April 24, 2014 (File No. 333-195476), December 7, 2015 (File No. 333-208364), June 28, 2016 (File No. 333-212277), October 24, 2017 (File No. 333-221082), December 3, 2018 (File No. 333-228647) and February 27, 2020 (File No. 333-236719), relating to the Plan are incorporated by reference herein, except to the extent expressly superseded herein.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>PART&nbsp;I</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>INFORMATION REQUIRED IN THE SECTION&nbsp;10(a)&nbsp;PROSPECTUS</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Item 1. Plan Information.</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">The documents containing the information specified in Part 1 of this Form S-8 (plan information and registration information and employee plan annual information) will be delivered to each participant in the Plan as specified by Rule 428(b)(1) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;). These documents are not being filed with the Securities and Exchange Commission (the &#8220;Commission&#8221;) either as part of this registration statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act. These documents and the documents incorporated by reference in this registration statement pursuant to Item 3 of Part II of this Form S-8, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>PART&nbsp;II</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Item 3. Incorporation of Documents by Reference.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">The following documents filed by Net Element, Inc. (the &#8220;Company&#8221;) previously filed with the Commission are hereby incorporated by reference into this registration statement and are deemed to be a part hereby from the date of filing:</p>

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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">1.</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">The Company&#8217;s Annual Report on Form&nbsp;10-K for the fiscal year ended December 31, 2019, as filed with the Commission on <a href="http://www.sec.gov/Archives/edgar/data/1499961/000143774920006560/nete20191231_10k.htm" style="-sec-extract:exhibit;">March 30, 2020</a>.</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">2.</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">The Company&#8217;s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, as filed with the Commission on <a href="http://www.sec.gov/Archives/edgar/data/1499961/000143774920011015/nete20200331_10q.htm" style="-sec-extract:exhibit;">May 15, 2020</a>, June 30, 2020, as filed with the Commission on <a href="http://www.sec.gov/Archives/edgar/data/1499961/000143774920017845/nete20200630_10q.htm" style="-sec-extract:exhibit;">August 13, 2020</a>, and September 30, 2020, as filed with the Commission on <a href="http://www.sec.gov/Archives/edgar/data/1499961/000143774920023901/nete20200930b_10q.htm" style="-sec-extract:exhibit;">November 16, 2020</a>.</p>
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			<td style="width:36pt;">&nbsp;</td>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">3.</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">The Company&#8217;s Current Reports on Form 8-K filed with the Commission on <a href="http://www.sec.gov/Archives/edgar/data/1499961/000143774920002318/nete20200211_8k.htm" style="-sec-extract:exhibit;">February 11, 2020</a>, <a href="http://www.sec.gov/Archives/edgar/data/1499961/000143774920003745/nete20200226_8k.htm" style="-sec-extract:exhibit;">February 27, 2020</a>, <a href="http://www.sec.gov/Archives/edgar/data/1499961/000143774920004141/nete20200302_8k.htm" style="-sec-extract:exhibit;">March 2, 2020</a>, <a href="http://www.sec.gov/Archives/edgar/data/1499961/000143774920006343/nete20200327b_8k.htm" style="-sec-extract:exhibit;">March 27, 2020</a>, <a href="http://www.sec.gov/Archives/edgar/data/1499961/000143774920006561/nete20200330_8k.htm" style="-sec-extract:exhibit;">March 30, 2020</a> (only with respect to Item 9.01), <a href="http://www.sec.gov/Archives/edgar/data/1499961/000143774920008397/nete20200423_8k.htm" style="-sec-extract:exhibit;">April 24, 2020</a>, <a href="http://www.sec.gov/Archives/edgar/data/1499961/000143774920010872/nete20200514_8k.htm" style="-sec-extract:exhibit;">May 15, 2020</a>, <a href="http://www.sec.gov/Archives/edgar/data/1499961/000143774920011018/nete20200511_8k.htm" style="-sec-extract:exhibit;">May 15, 2020</a> (only with respect to Item 9.01), <a href="http://www.sec.gov/Archives/edgar/data/1499961/000143774920013083/nete20200614_8k.htm" style="-sec-extract:exhibit;">June 15, 2020</a>, <a href="http://www.sec.gov/Archives/edgar/data/1499961/000143774920015042/nete20200712_8k.htm" style="-sec-extract:exhibit;">July 13, 2020</a>, <a href="http://www.sec.gov/Archives/edgar/data/1499961/000143774920015057/nete20200713_8k.htm" style="-sec-extract:exhibit;">July 13, 2020</a>, <a href="http://www.sec.gov/Archives/edgar/data/1499961/000143774920015360/nete20200716_8k.htm" style="-sec-extract:exhibit;">July 17, 2020</a>, <a href="http://www.sec.gov/Archives/edgar/data/1499961/000143774920015687/nete20200724_8k.htm" style="-sec-extract:exhibit;">July 24, 2020</a>, <a href="http://www.sec.gov/Archives/edgar/data/1499961/000143774920016598/nete20200804_8k.htm" style="-sec-extract:exhibit;">August 5, 2020</a>, <a href="http://www.sec.gov/Archives/edgar/data/1499961/000143774920017846/nete20200806_8k.htm" style="-sec-extract:exhibit;">August 14</a> (only with respect to Item 9.01), <a href="http://www.sec.gov/Archives/edgar/data/1499961/000143774920018151/nete20200817_8k.htm" style="-sec-extract:exhibit;">August 17, 2020</a>, <a href="http://www.sec.gov/Archives/edgar/data/1499961/000143774920019310/nete20200903_8k.htm" style="-sec-extract:exhibit;">September 3, 2020</a>, <a href="http://www.sec.gov/Archives/edgar/data/1499961/000143774920023902/nete20200902b_8k.htm" style="-sec-extract:exhibit;">November 16, 2020</a> (only with respect to Item 9.01), <a href="http://www.sec.gov/Archives/edgar/data/1499961/000143774920024789/nete20201203_8k.htm" style="-sec-extract:exhibit;">December 3, 2020</a> and <a href="http://www.sec.gov/Archives/edgar/data/1499961/000143774920026108/nete20201230_8k.htm" style="-sec-extract:exhibit;">December 30, 2020</a> and the Company&#8217;s Current Report on Form 8-K/A, as filed with the Commission on <a href="http://www.sec.gov/Archives/edgar/data/1499961/000143774920016639/nete20200805_8ka.htm" style="-sec-extract:exhibit;">August 5, 2020</a>.</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">4.</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">The Company&#8217;s Proxy Statement on Schedule 14A, as filed with the Commission on <a href="http://www.sec.gov/Archives/edgar/data/1499961/000143774920021070/nete20201013_def14a.htm" style="-sec-extract:exhibit;">October 13, 2020</a>.</p>
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			<td style="width:36pt;">&nbsp;</td>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">5.</p>
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			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">The description of the Company&#8217;s Common Stock, $0.0001 par value (the &#8220;Common Stock&#8221;), is contained under the caption &#8220;Description of NEI Securities&#8212;Common Stock&#8221; in the Company&#8217;s Registration Statement on Form S-4 (Registration No. 333-182076), filed by the Company with the Commission on <a href="http://www.sec.gov/Archives/edgar/data/1499961/000114420412034499/v315380_s4.htm" style="-sec-extract:exhibit;">June 12, 2012</a>, pursuant to Rule 424(b)(3) of the Securities Act, including any amendment or report filed for the purpose of updating such description.</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">In addition, all documents subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), after the date of this registration statement and prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into this registration statement and to be a part hereof from the date of filing of such documents.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Any statement contained in this registration statement or in any document incorporated by reference herein or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this registration statement or of the related prospectus to the extent that a statement contained herein, or in any other subsequently filed document which also is incorporated by reference herein or deemed to be incorporated by reference herein, modifies or supersedes such earlier statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this document.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Nothing in this registration statement shall be deemed to incorporate information furnished but not filed with the Commission pursuant to Item 2.02 or Item 7.01 of Form 8-K.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Item 4. Description of Securities.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">Not applicable.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Item 5. Interests of Named Experts and Counsel.</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">Not applicable.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Item 6. Indemnification of Directors and Officers.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Article VIII of our Amended and Restated Certificate of Incorporation, as amended, eliminates the personal liability of our directors for monetary damages for breach of fiduciary duty as a director, except for liability (i) for any breach of the director&#8217;s duty of loyalty to the Company or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of the General Corporation Law of the State of Delaware (the &#8220;DGCL&#8221;) for unlawful payment of dividends or unlawful stock purchases or redemptions or (iv) for any transaction from which the director derived an improper personal benefit.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Article IX of our Amended and Restated Certificate of Incorporation, as amended, requires us to indemnify our directors and officers against liabilities they may incur in such capacities to the fullest extent permitted by Delaware law. Under Section 145 of the DGCL, we can indemnify our directors, officers and controlling persons against liabilities they may incur in such capacities (other than liabilities incurred as a result of an action by or in the right of the Company) if the indemnified person acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. Under Section 145 of the DGCL, we can indemnify our directors, officers and controlling persons against liabilities incurred as a result of an action by or in the right of the Company if the indemnified person acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company, except that no indemnification may be made in respect of any claim, issue or matter as to which such person is adjudged to be liable to the Company unless and only to the extent that the court determines such person is fairly and reasonably entitled to indemnity.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Article IX of our Amended and Restated Certificate of Incorporation, as amended, also provides that the Company may, by action of the Board of Directors, provide indemnification to such employees and agents of the Company to the extent and to such effect as the Board of Directors determines is appropriate and authorized by Delaware law.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">We have entered into indemnification agreements that require us to indemnify certain of our current and former executive officers and/or directors against liabilities they may incur in such capacities to the fullest extent permitted by applicable law if the indemnified person acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal proceeding, had no reasonable cause to believe that his conduct was unlawful. However, these indemnification agreements provide that the Company is not obligated to make any indemnification payment in connection with any claim made against the executive officer or director: (a) for which payment was actually made under any insurance policy or other indemnity provision, except with respect to any excess beyond the amount paid under such insurance policy or other indemnity provision; (b) for (i) an accounting of profits made from the purchase and sale (or sale and purchase) of securities of the Company within the meaning of Section 16(b) of the Exchange Act or similar provisions of state statutory law or common law, or (ii) any reimbursement of the Company by the executive officer or director of any bonus or other incentive-based or equity-based compensation or of any profits realized from the sale of securities of the Company, as required in each case under the Exchange Act; or (c) in connection with any proceeding (or any part of any proceeding) initiated by the executive officer or director unless (i) the Board of Directors authorized the proceeding (or part of the proceeding) prior to its initiation, (ii) such payment arises in connection with any mandatory counterclaim or cross-claim or affirmative defense brought or raised by the executive officer or director or (iii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">In addition, our directors and officers are covered under directors&#8217; and officers&#8217; liability insurance policies maintained by us, subject to the limits and exclusions under the policies, insuring such persons against various liabilities.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Company pursuant to the foregoing provisions, or otherwise, the Company has been advised that, in the opinion of the Commission, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Item 7. Exemption from Registration Claimed.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">Not applicable.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Item 8. Exhibits.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">The list of exhibits filed as part of this registration statement is included in the Exhibit Index which is incorporated by reference herein.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Item 9. Undertakings. </b></p>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 18pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td>
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The undersigned registrant hereby undertakes:</p>
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			<td style="width: 18pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(1)</p>
			</td>
			<td>
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</p>
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			<td style="width: 36pt; vertical-align: top; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">(i)</td>
			<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">To include any prospectus required by Section 10(a)(3) of the Securities Act;</td>
		</tr>
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			<td style="width:108pt;">&nbsp;</td>
			<td style="width:36pt;vertical-align:top;">&nbsp;</td>
			<td style="vertical-align:top;">&nbsp;</td>
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			<td style="width:108pt;">&nbsp;</td>
			<td style="width:36pt;vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">(ii)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement; and</p>
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			<td style="width:36pt;vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">(iii)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:126pt;margin-right:0pt;margin-top:0pt;text-align:justify;text-indent:-18pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:144pt;"><i>Provided</i>, <i>however</i>, that paragraphs (a)(1)(i)&nbsp;and (a)(1)(ii)&nbsp;do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Company pursuant to Section&nbsp;13 or 15(d)&nbsp;of the Exchange Act that are incorporated by reference in the registration statement;</p>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <i>bona fide</i> offering thereof; and</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(3)</p>
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			<td>
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:90pt;margin-right:0pt;margin-top:0pt;text-align:justify;text-indent:-18pt;">&nbsp;</p>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 18pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant&#8217;s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&#8217;s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>EXHIBIT&nbsp;INDEX</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Exhibit No.</b></p>
			</td>
			<td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 2%;">&nbsp;</td>
			<td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 42%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Description</b></p>
			</td>
			<td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 2%;">&nbsp;</td>
			<td style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 42%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Page or Method of Filing</b></p>
			</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">4.1</p>
			</td>
			<td style="vertical-align: top; border-bottom: 1px rgb(0, 0, 0); width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; border-bottom: 1px rgb(0, 0, 0); width: 42%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><a href="http://www.sec.gov/Archives/edgar/data/1499961/000114420412045031/v320471_ex4-2.htm " style="-sec-extract:exhibit;">Specimen Common Stock Certificate of Net Element, Inc.</a></p>
			</td>
			<td style="vertical-align: top; border-bottom: 1px rgb(0, 0, 0); width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; border-bottom: 1px rgb(0, 0, 0); width: 42%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Filed as Exhibit 4.1 to the Amendment No. 2 to Registration Statement on Form S-4&nbsp;filed by the Company with the Commission on August 14, 2012 (Registration No. 333-182076), and incorporated herein by reference.</p>
			</td>
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			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">&nbsp;</td>
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			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">4.2</p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><a href="http://www.sec.gov/Archives/edgar/data/1499961/000114420413058457/v359073_defm14a.htm" style="-sec-extract:exhibit;">Net Element International, Inc. 2013 Equity Incentive Plan, as amended by those certain Amendments to Net Element, Inc. 2013 Equity Incentive Plan</a></p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Filed as Appendix A to the Company&#8217;s Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on November 4, 2013 (File No. 001-34887), and incorporated herein by reference.</p>
			</td>
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			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">&nbsp;</td>
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			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">4.3</p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><a href="http://www.sec.gov/Archives/edgar/data/1499961/000114420414064208/v392698_def14a.htm" style="-sec-extract:exhibit;">Amendment to Net Element International, Inc. 2013 Equity Incentive Plan</a></p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Filed as Appendix B to the Company&#8217;s Definitive Proxy Statement on Schedule 14A filed on October 31, 2014 (File No. 001-34887), and incorporated herein by reference.</p>
			</td>
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			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">&nbsp;</td>
		</tr>
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			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">4.4</p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><a href="http://www.sec.gov/Archives/edgar/data/1499961/000114420416095999/v437786_def14a.htm " style="-sec-extract:exhibit;">Amendment to Net Element International, Inc. 2013 Equity Incentive Plan</a></p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Filed as Appendix B to the Company&#8217;s Definitive Proxy Statement on Schedule 14A filed on April 25, 2016 (File No. 001-34887), and incorporated herein by reference</p>
			</td>
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			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">&nbsp;</td>
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			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">4.5</p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><a href="http://www.sec.gov/Archives/edgar/data/1499961/000114420417041847/v472892_def14a.htm" style="-sec-extract:exhibit;">Amendment to Net Element International, Inc. 2013 Equity Incentive Plan</a></p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Filed as Appendix B to the Company&#8217;s Definitive Proxy Statement on Schedule 14A filed on August 10, 2017 (File No. 001-34887), and incorporated herein by reference.</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">4.6</p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><a href="http://www.sec.gov/Archives/edgar/data/1499961/000143774918018124/nete20180928_def14a.htm" style="-sec-extract:exhibit;">Amendment to Net Element International, Inc. 2013 Equity Incentive Plan</a></p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Filed as Appendix A to the Company&#8217;s Definitive Proxy Statement on Schedule 14A filed on October 10, 2018 (File No. 001-34887), and incorporated herein by reference.</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">4.7</p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><a href="http://www.sec.gov/Archives/edgar/data/1499961/000143774919017852/nete20190903_def14a.htm" style="-sec-extract:exhibit;">Amendment to Net Element International, Inc. 2013 Equity Incentive Plan</a></p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Filed as Appendix A to the Company&#8217;s Definitive Proxy Statement on Schedule 14A filed on September 4, 2019 (File No. 001-34887), and incorporated herein by reference.</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">4.8</p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><a href="http://www.sec.gov/Archives/edgar/data/1499961/000143774920021070/nete20201013_def14a.htm" style="-sec-extract:exhibit;">Amendment to Net Element International, Inc. 2013 Equity Incentive Plan</a></p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Filed as Appendix A to the Company&#8217;s Definitive Proxy Statement on Schedule 14A filed on October 13, 2020 (File No. 001-34887), and incorporated herein by reference.</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">5.1</p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><a href="ex_224408.htm" style="-sec-extract:exhibit;">Opinion of Snell &amp; Wilmer L.L.P.*</a></p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">23.1</p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="ex_224408.htm" style="-sec-extract:exhibit;">Consent of Snell &amp; Wilmer L.L.P. (included in Exhibit 5.1)</a></p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">23.2</p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="ex_224409.htm" style="-sec-extract:exhibit;">Consent of Daszkal Bolton LLP*</a></p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 12%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">24.1</p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><a href="#sig" style="-sec-extract:exhibit;">Powers of Attorney (included on the signature page hereto)</a></p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 42%;">&nbsp;</td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<hr style="text-align: left; height: 1px; color: #000000; background-color: #000000; width: 10%; border: none; margin: 3pt auto 3pt 0">
<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">* Filed herewith.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b><a id="sig" name="sig" title="sig"></a>SIGNATURES</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of North Miami Beach, State of Florida, on February 4, 2021.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;">

		<tr>
			<td style="width: 50%;">&nbsp;</td>
			<td colspan="2" rowspan="1" style="width: 3%;">NET ELEMENT, INC.</td>
			<td style="width: 12%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 50%;">&nbsp;</td>
			<td style="width: 3%;">&nbsp;</td>
			<td style="width: 35%;">&nbsp;</td>
			<td style="width: 12%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 50%;">&nbsp;</td>
			<td style="width: 3%;">&nbsp;</td>
			<td style="width: 35%;">&nbsp;</td>
			<td style="width: 12%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 50%;">&nbsp;</td>
			<td style="width: 3%;">By:</td>
			<td style="width: 35%; border-bottom: 1px solid black;"><i>/s/ Oleg Firer</i></td>
			<td style="width: 12%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 50%;">&nbsp;</td>
			<td style="width: 3%;">&nbsp;</td>
			<td style="width: 35%;">Oleg Firer</td>
			<td style="width: 12%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 50%;">&nbsp;</td>
			<td style="width: 3%;">&nbsp;</td>
			<td style="width: 35%;">Chief Executive Officer</td>
			<td style="width: 12%;">&nbsp;</td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:252pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>POWER OF ATTORNEY</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">KNOW ALL PERSONS BY THESE PRESENT, that the individuals whose signatures appear below constitute and appoint Jeffrey Ginsberg and Oleg Firer, and each of them severally, as his or her true and lawful attorney-in-fact and agent with full power of substitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement and to file the same, with all exhibits thereto and all documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the date indicated.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt;">

		<tr>
			<td style="vertical-align: top; width: 35%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Signature</b></p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 38%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Title</b></p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 23%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Date</b></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 35%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 38%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 23%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 35%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>/s/ Oleg Firer</i></p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 38%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:3.6pt;margin-top:0pt;text-align:center;">Chief Executive Officer (Principal Executive Officer</p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 23%;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">February 4, 2021</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 35%;">Oleg Firer</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 38%; text-align: center;">and Director)</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 23%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 35%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 38%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 23%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 35%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>/s/ Jeffrey Ginsberg</i></p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 38%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:3.6pt;margin-top:0pt;text-align:center;">Chief Financial Officer (Principal Financial Officer and</p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 23%;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">February 4, 2021</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 35%;">Jeffrey Ginsberg</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 38%; text-align: center;">Principal Accounting Officer)</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 23%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 35%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 38%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 23%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 35%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 38%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 23%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 35%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>/s/ Jon Najarian</i></p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 38%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:3.6pt;margin-top:0pt;text-align:center;">Director</p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 23%;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">February 4, 2021</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 35%;">Jon Najarian</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 38%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 23%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 35%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 38%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 23%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 35%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>/s/ John Roland</i></p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 38%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:3.6pt;margin-top:0pt;text-align:center;">Director</p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 23%;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">February 4, 2021</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 35%;">John Roland</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 38%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 23%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 35%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 38%;">&nbsp;</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 23%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 35%; border-bottom: 1px solid black;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>/s/ Todd Raarup</i></p>
			</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
			<td style="vertical-align: top; width: 38%;">
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">February 4, 2021</p>
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			<td style="vertical-align: top; width: 35%;">Todd Raarup</td>
			<td style="vertical-align: top; width: 2%;">&nbsp;</td>
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<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>ex_224408.htm
<DESCRIPTION>EXHIBIT 5.1
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: right;">Exhibit 5.1</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">February 4, 2021</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Net Element, Inc.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">3363 NE 163<sup style="vertical-align:top;line-height:120%;font-size:pt">rd</sup> Street, Suite 606</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">North Miami Beach, Florida 33160</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:left;text-indent:36pt;">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration Statement on Form S-8</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Ladies and Gentlemen:</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">We have served as special counsel to Net Element, Inc., a Delaware corporation (the &#8220;Company&#8221;), in connection with the registration of up to 210,500 shares (the &#8220;Shares&#8221;) of common stock, $0.0001 par value per share (the &#8220;Common Stock&#8221;), of the Company issuable under the Net Element, Inc. 2013 Equity Incentive Plan, as amended (the &#8220;Plan&#8221;), covered by the above-referenced Registration Statement on Form S-8 (the &#8220;Registration Statement&#8221;) filed by the Company with the United States Securities and Exchange Commission (the &#8220;Commission&#8221;) under the Securities Act of 1933, as amended (the &#8220;1933 Act&#8221;), on or about the date hereof.&nbsp; Unless otherwise defined herein, capitalized terms used herein shall have the meanings assigned to them in the Registration Statement.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:72pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">In connection with our representation of the Company, and as a basis for the opinion hereinafter set forth, we have relied upon and examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents (hereinafter collectively referred to as the &#8220;Documents&#8221;):</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:72pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Registration Statement;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Amended and Restated Certificate of Incorporation of the Company, as amended through the date hereof (the &#8220;Charter&#8221;), certified as of a recent date by the Secretary of State of the State of Delaware and as of the date hereof by an officer of the Company;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Amended and Restated Bylaws of the Company, as amended through the date hereof, certified as of the date hereof by an officer of the Company;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A certificate as to the good standing of the Company, certified by the Secretary of State of the State of Delaware, dated as of a recent date;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resolutions adopted by the Board of Directors of the Company relating to the approval of the Plan and the authorization of the issuance of the Shares (the &#8220;Resolutions&#8221;), certified as of the date hereof by an officer of the Company;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A specimen of the current form of stock certificate representing shares of the Company&#8217;s Common Stock, certified as of the date hereof by an officer of the Company;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Plan, certified as of the date hereof by an officer of the Company;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A certificate executed by an officer of the Company, dated as of the date hereof; and</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Such other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions, limitations and qualifications stated herein.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">In expressing the opinion set forth below, we have assumed the following:</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each individual executing any of the Documents, whether on behalf of such individual or any other person, is legally competent to do so.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Documents submitted to us as originals are authentic.&nbsp; The form and content of all Documents submitted to us as unexecuted drafts do not differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered.&nbsp; All Documents submitted to us as certified or photostatic copies conform to the original documents.&nbsp; All signatures on all such Documents are genuine.&nbsp; All public records reviewed or relied upon by us or on our behalf are true and complete.&nbsp; All representations, warranties, statements and information contained in the Documents are true and complete.&nbsp; There has been no oral or written modification of or amendment to any of the Documents, and there has been no waiver of any provision of any of the Documents, by action or omission of the parties or otherwise.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">Based upon the foregoing, and subject to the assumptions, limitations and qualifications stated herein, it is our opinion that the issuance of the Shares has been duly authorized and, when issued and delivered by the Company pursuant to the Resolutions and the Plan and otherwise in accordance with the Registration Statement, and upon payment for and delivery of the Shares subject to issuance and sale by the Company and the countersigning of the certificate or certificates representing such Shares by a duly authorized signatory of the registrar for the Company&#8217;s Common Stock, or, if applicable, the issuance of such Shares in book entry form, the Shares will be validly issued, fully paid and nonassessable.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">The foregoing opinion is limited to the General Corporation Law of the State of Delaware, applicable provisions of the Delaware Constitution, and reported judicial decisions interpreting these laws of the State of Delaware, and we do not express any opinion herein concerning any other law.&nbsp; We express no opinion as to the applicability or effect of any federal or state securities laws, including the securities laws of the State of Delaware, or as to federal or state laws regarding fraudulent transfers.&nbsp; To the extent that any matter as to which our opinion is expressed herein would be governed by the laws of any jurisdiction other than the State of Delaware, we do not express any opinion on such matter.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">The opinion expressed herein is limited to the matters specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated.&nbsp; We assume no obligation to supplement this opinion if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion expressed herein after the date hereof.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:72pt;">This opinion is being furnished to you solely for submission to the Commission as an exhibit to the Registration Statement, and, accordingly, may not be relied upon by, quoted in any manner to, or delivered to any other person or entity without, in each instance, our prior written consent.&nbsp; We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the use of the name of our firm therein.&nbsp; In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the 1933 Act.</p>

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			<td style="width: 50%;">Very truly yours,</td>
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			<td><i>/s/ Snell &amp; Wilmer L.L.P.</i></td>
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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>3
<FILENAME>ex_224409.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: right;">Exhibit 23.2</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Net Element, Inc.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Miami, Florida</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated March 30, 2020, relating to the financial statements of Net Element, Inc. for the years ended December 31, 2019 and 2018.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">/s/ DASZKAL BOLTON LLP</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Fort Lauderdale, Florida</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">February 3, 2021</p>

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