National Bank of Ukraine amends regulation on the use of e-money On 10 February 2016, the National Bank of Ukraine amended its regulation governing the use of electronic money (e-money) in Ukraine in accordance with the informal emoney market liberalization plan developed in the Spring of 2015 by the working group consisting of Baker & McKenzie, Kyiv, some leading IT businessmen, Deloitte and some of the NBU officers (the “Working Group”). In particular, Ukrainian residents are now allowed to receive e-money issued by non-residents, provided that the international online payment facilitation systems used by the parties ensure payment or conversion of e-money by crediting the funds to the resident individual’s bank account in Ukraine. This move of the National Bank is in line with the liberalization plan developed by the Working Group consisting of three pillars to liberalize the Ukrainian banking system by lifting the regulatory obstacles that prevent Ukrainians from fully maximizing the benefits of international online payment facilitation systems. While the National Bank already allows resident individuals to receive e-money payments from non-residents, foreign issuers of e-money, however, are required to complete the process of registration in order to legally operate in Ukraine. The Working Group behind the e-money market liberalization plan is in active discussions with the National Bank of Ukraine to lift the registration requirement for cross-border services. For more information, please contact Ihor Olekhov or Maksym Hlotov.