ARTICLE · 08 AUGUST 2008

New E-Money Regulations

CMS Cameron McKenna Nabarro Olswang

Explore more from CMS Cameron McKenna Nabarro Olswang

New electronic money regulations came into force on 5 August.

UkraineCorporate/Commercial Law

Olexander Martinenko

Oleksandr Gudka

Vitaliy Radchenko

New electronic money regulations came into force on 5 August.

The new regulations are:

only authorise banks to issue e-money. All other businesses issuing e-money in Ukraine have one year to either cease their activities or enter into an e-money distribution agreement with a bank.
do not cover plastic card payment systems (such as Visa or MasterCard) or online payment services (such as PayPal or Portmone).
prohibit anyone other than banks (and businesses who have entered into an e-money distribution agreement with a bank) from receiving e-money in exchange for monetary and non-monetary funds.

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