Russia: E-Money and Remittance Association Issues Statement on Amendments to Payments Legislation

On July 29, 2019, the Russian Electronic Money and Remittance Association (REMA) published a statement in regard to amendments to payments legislation which bans depositing to anonymous electronic wallets without undertaking the procedure of opening a bank account. 

Draft law No. 603170-7 on amendments to FZ "on National payment system" and FZ "on Central Bank" was introduced on December 7, 2018 to the State Duma. After passing three reading stages at the State Duma, the draft law was adopted by the Federal Council on July 26, 2019. 

According to the statement, REMA brings up the following concerns regarding the upcoming changes:

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