In response to requests from government authorities, public institutions and mass media concerning the legitimacy of the operation of payment systems /the use of e-money in Ukraine, the National Bank of Ukraine (herein after referred to as the National Bank) hereby provides the following information:

The operation of payment systems, the issuance and use of e-money in Ukraine are regulated by the Law of Ukraine On Pyment Systems and Funds Transfer in Ukraine (hereinafter - the Law).

Pursuant to Article 9 of the Law, payment institutions and payment systems become eligible to operate in Ukraine only after their registration when the information about them is entered into the Register maintained by the National Bank.

Pursuant to Article 15 of the Law, banks shall have the exclusive right to issue electronic money. Prior to issuing e-money, the bank that intends to engage in the business of issuing e-money is obliged to get approval for the rules governing the use of e-money from the National Bank according to the procedure established by the National Bank.

In the "Payment Systems" Section of the NBU's official website, the National Bank posts a list of payment systems and e-money systems that are eligible to operate in Ukraine and a list of banks that are eligible to issue e-money after the rules governing the use of e-money have been approved by the National Bank.