Ukrainian president Viktor Yanukovych has signed a law #5284-VI on the functioning of payment systems and non-cash transactions. This is the first legislative act to regulate electronic money and electronic payments in Ukraine. Earlier this sphere was governed by the National Bank of Ukraine (NBU) decree #481. The new law will come into force from the date of it's publication in the official press.

According to the law, the Electronic money is defined as a cost units that are stored on an electronic device, as a means of payment accepted by other persons different from the person producing them and are its financial obligations (in cash or non-cash). Electronic money can be issued only by bank. Individuals and legal entities can use the electronic money. Legal entities can receive electronic money in exchange for non-cash resources only. Such money can be nominated only in the national currency.

NBU has an obligation to keep a register of payment systems and commercial agents of banks. NBU will oversee the activities of such systems and penalize the offenders of the law. For example, for violations of the laws and decrees of the National Bank of Ukraine in the field of electronic money it is proposed to introduce a fine for employees of violated legal entities in the amount from 100 to 200 tax-free minimum incomes (minimum = 17 UAH.). Accordingly, repeated actions in this area are proposed to be punish by a fine from 500 to 1000 minimums.

Source: AIN.UA