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Serhiy V. Chorny

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On 30 June 2021, Verkhovna Rada of Ukraine adopted a new payment services law. The law seeks to: (i) remove certain regulatory barriers for entering the Ukrainian payment services market, and (ii) implement certain European Union laws applicable to the payment services, such as Directive 2015/2366 (PSD2) and Directive 2009/110/EC (Second E-Money Directive). The law came into force on 1 August 2021 and provides the stakeholders with 12 months to prepare for the launch of the new payment services market. The law may affect many business models in payment services business which were previously essentially unregulated.