At the beginning of May 2022, the Law «On Payment Systems and Payment Services» (hereinafter as the Law) was signed in Belarus. For the first time in Belarus, implementation of payment activities...
At the beginning of May 2022, the
Law «On Payment Systems and Payment Services»
(hereinafter as the Law) was signed in Belarus. For the first time
in Belarus, implementation of payment activities, requirements for
payment systems and participants in the payment market have been
fixed on a comprehensive basis.
What is new in this Law?
- The concept of «payment services», «payment
service provider», «payment system» is
formalized, as well as requirements for new participants in the
payment market and their managers.
- An obligation is established in relation to the operator of
payment systems, for example, to determine the rules of
organization and functioning, which reflect the requirements
enshrined in the Law (for example, the list of payment systems with
which interaction is carried out and the procedure for such
interaction; the procedure for guaranteeing the completion of
settlements in the payment system, in including the procedure for
settling cases of
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