The National Bank of Ukraine emphasizes the urgency of legislative changes in area of payment systems regulation and expresses gratitude to people’s deputies for the support of NBU initiative regarding amending certain legal acts on money transfer regulation (Draft Law No. 5361 of 4 November 2016).
“Necessity of legislative changes in area of payment systems is caused by the need to implement the principles of the European Law and rapid development of payment market both in Ukraine and globally,” mentioned Mr Serhii Shatskyi, Director of Payment Systems and Innovative Development Department of the NBU.
He stressed that the draft law is an outcome of common work of people’s deputies, the NBU and payment market participants.
“NBU is always engaged in constructive dialogue with all payment market players. Updating the legislative framework in area of payment systems, we tried or best to take into account best domestic and international practice. Our objective is to implement clear, equal and fair rules for payment market development in Ukraine,” said Mr Serhii Shatskyi.
According to him, adoption of this law will allow to:
- set the same approaches for starting activity of payment systems participants in Ukraine (both residents and non-residents) and assure conditions for international internet settlements providers to access the Ukrainian payment market;
- arrange activity of non-banking financial institutions in the payment services market, empower them to issue e-money and have commercial agents;
- improve regulation of payment systems and procedure for payment infrastructure oversight;
- banks of Ukraine - to open accounts for non-resident legal entities;
- residents of Ukraine - to use e-money issued by non-residents for transfers and settlements (works, services) via internet.
“We hope that such steps will facilitate complete relief of all participants of payment services market and requirements of individuals regarding receipt of transfers”, explained Mr Serhii Shatskyi.