The law on electronic money was not adopted

On March 4, draft law No. 5361 was submitted for consideration to the Verkhovna Rada. In the first reading, 209 people's deputies voted for it. Another 226 MPs voted in favor of sending the bill to the Committee for further development.

Therefore, the issue of permitting the issuance of electronic money by non-bank financial institutions remains open.

The bill provides for:

• improving the regulation of payment systems;
• regulating the activities of non-bank financial institutions in the payment services market;
• granting non-bank financial institutions the right to issue electronic money;
• improving the procedure for overseeing payment systems;
• bringing national criminal legislation into line with the requirements of European legislation.

The document also proposed a new definition of the term "payment system." And change the name of the "Register of Payment Systems" to "Registration of Payment Infrastructure" and provide for the inclusion of information on non-bank financial institutions that transfer funds, providers of online payments, commercial agents of banks and non-bank financial institutions, and issuers of electronic money.

Payspace Magazine Reference

The draft law No. 5361 was submitted to the parliament in November 2016. The initiators were members of the parliamentary committee on financial policy and banking. In their opinion, it should simplify monetary transactions in the country.

Source: Payspace Magazine