In accordance with Article 7 of the Law of Ukraine On the National Bank of Ukraine, the National Bank of Ukraine shall determine the procedure and forms of the payments and oversee the creation of electronic means of payment.  According to Article 15 of the Law of Ukraine On Payment Systems and Money Transfer in Ukraine, the National Bank of Ukraine shall establish the procedure for effecting electronic money transactions.  

With the aim of meeting the requirements set forth in the aforementioned Laws of Ukraine, the National Bank of Ukraine has elaborated a draft resolution of the Board of the National Bank of Ukraine On Amendments to the Regulation on E-Money in Ukraine (hereinafter – Draft resolution).

One of the areas of activities of the National Bank of Ukraine in the framework of implementation of the Comprehensive Program for the Development of Ukraine's Financial Market till 2020 is to ensure further development of cashless e-payments, particularly through providing access to the market of international online payment systems.

This has prompted the need to establish a legal framework allowing individuals to have access to the market of international online payment systems.

The Draft Resolution envisages allowing individuals to receive electronic money issued by nonresident issuers from nonresidents.

This regulation shall apply to individuals intending to receive electronic money issued by nonresident issuers through the use of international online payment systems listed in the Register of payment systems.

The draft resolution has been posted on the NBU’s official website for public consultation as in accordance with the Law of Ukraine On Fundamentals of the State Regulatory Policy in the Field of Economical Activities this regulation shall be subject to promulgation in order to  receive   comments and proposals from legal entities, individuals and  their associations.