Russia: Draft Law to Establish New Requirements for Registering Electronic Wallets and Other Foreign Electronic Payment Instruments

On December 7, 2018, a group of State Duma MPs submitted a draft law on amendments to Law No. 161 FZ "On national payment systems", June 27, 2011, to establish new requirements for registering electronic wallets and other foreign electronic payment instruments in Russia.

Pursuant to the amendments, electronic means of payment provided by money transfer operators to their customers will be accepted in the country only by them, including bank payment agents, and will be served by operators in accordance with the agreements on receiving electronic means of payment by legal entities and individual entrepreneurs.

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