ARTICLE · 15 APRIL 2024

Regulation Of Digital Payments And Foreign Payment Systems

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Law No. 987-VIQ, On Payment Services and Payment Systems, is passed on 14 July and promulgated on 9 August 2023.

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Law No. 987-VIQ, On Payment Services and Payment Systems, is passed on 14 July and promulgated on 9 August 2023. The Law determines principles of regulation and control of payment systems, payment services, payment institutions, electronic (digital) money institutions, and payment system operators.

The Law introduces regulation of digital money and payments. Before the Law, only Law, On Combating Legalization of Criminally Obtained Property and Financing Terrorism, referred briefly to e-money institutions. Additionally, the Law introduces regulation of foreign payment institutions, foreign e-money institutions, and foreign operators (of payment systems).

The following definitions apply (among others):

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