The Draft Law aims to replace it with a set of refreshed rules addressing the current challenges. We summarize the features of the Draft Law compared to the current regime.
On 12 November 2020, the Ukrainian Parliament published a draft payment services law, that was prepared with the Ukrainian central bank (NBU). Among other things, the draft law would implement a regulatory framework for “open banking” similar to the EU’s PSD2 (Directive 2015/2366).
On 12 November 2020, Ukrainian Parliament registered a draft payment services law (available here in Ukrainian). This milestone work was coordinated by the Ukrainian central bank (“NBU”) with the aim to fully replace the existing regulatory framework for the payments business in Ukraine.
Ukrainian policymakers consistently work on improvements to the legal framework, applicable to engagement of technology providers by incumbent financial institutions.
According to Maksym: financial regulators who engage with technology now stand to reap the most benefits.
Regulatory conditions are driving more fintech and BPO activities to Ukraine