The start of implementation of the Law (and secondary legislation enacted pursuant to it) marks the completion of NBS’s efforts to set up a comprehensive regulatory framework relating to the provision of payment services and electronic money issuance.
In addition to developing payment services and defining rules for their provision, the Law has also established legal grounds for setting up and operation of payment and electronic money institutions, as new types of payment service providers. This legal framework regulates all types of payment services, including the most cutting edge ones. The NBS placed a special emphasis on a very important segment of the regulatory framework – providing information to payment service users, by defining in detail mandatory information to be supplied to a payment service user by the payment service provider.
Also, in case of a dispute, payment service users are particularly well protected under the provisions of this Law and the Law on Financial Service Consumer Protection. The Law sets out that the NBS will be in charge of supervision of all payment service providers and electronic money issuers in the part of their operations relating to provision of payment services and/or electronic money issuance.