President Volodymyr Zelensky has signed a regulation that can enable the Nationwide Financial institution of Ukraine to concern its personal digital foreign money. The brand new laws, which aligns Ukrainian rules with EU guidelines, will even stiffen authentication necessities for shoppers of cost service suppliers.
New Laws Permits Ukrainian Central Financial institution to Problem Digital Foreign money
The President of Ukraine Volodymyr Zelensky has signed the regulation “On Fee Companies” which was adopted by the Ukrainian parliament on June 30, the president’s administration introduced this week. The laws goals to “modernize and additional develop” the cost companies market and promote the introduction of improvements within the monetary sector, a press launch explains.
One of many provisions within the invoice grants the Nationwide Financial institution of Ukraine (NBU) powers to concern its personal central financial institution digital foreign money (CBDC). Authorities in Kyiv have been mulling over a mission to create a digital hryvnia for fairly some time. A not too long ago performed survey has indicated that the nation’s monetary sector would love the e-hryvnia to facilitate transactions within the crypto house.
NBU will even be capable to arrange a regulatory sandbox to check new companies, applied sciences and instruments within the funds sector that might be primarily based on modern applied sciences, the president’s workplace defined. The platform will enable the monetary regulator to carefully work together with startups from the trade and higher perceive their wants.
Ukraine to Introduce Stricter Person Authentication Guidelines for Fee Service Suppliers
The regulation “On Fee Companies” aligns Ukraine’s laws with the EU’s regal framework within the area, facilitating a future integration of the nation’s cost system with that of the European Union. Ukrainian lawmakers have adopted the norms of essential European regulatory acts such because the Second Fee Directive (PSD2) and the Digital Cash Directive (EMD).
The laws is tailor-made to make sure transparency within the provision of cost companies and strengthen shopper safety. Fee firms must meet stricter necessities relating to danger administration. In sure circumstances, the platforms might be required to implement enhanced person authentication procedures, obligatory to forestall cyber fraud.
The regulation defines 9 totally different classes of cost service suppliers, introducing new ones like digital cash establishments and branches of overseas cost establishments. Non-bank cost service suppliers, akin to cost establishments, e-money establishments, and postal operators will be capable to open cost accounts, concern cost playing cards, and digital cash. Non-bank monetary establishments won’t be required to take part in cost techniques in an effort to make transfers.
The presidential administration additionally identified that the regulation “On Fee Companies” creates situations for the introduction of the ‘open banking’ idea in Ukraine. Its important objective is to combine varied service suppliers and know-how firms right into a single cost ecosystem. Authorities in Kyiv hope to implement the open banking system by 2023.
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