RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of July 25, 2007 No. 36/6

About Regulations on licensing of activities for provision of payment services with use of electronic money

For the purpose of determination of procedure and requirements for receipt of the license for the right of implementation of activities for provision of payment services with use of electronic money in the form of prepaid cards, in the territory of the Kyrgyz Republic, being guided by Articles 7, 43 Laws of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic", Board of National Bank, having considered the introduced draft "Regulations on Licensing of Activities for Provision of Payment Services with Use of Electronic Money in the form of Prepaid Cards", decides:

1. Approve "Regulations on licensing of activities for provision of payment services with use of electronic money in the form of prepaid cards" it (is applied).

2. To management of payment systems together with Legal department in accordance with the established procedure to carry out state registration of this resolution in the Ministry of Justice of the Kyrgyz Republic.

3. This resolution becomes effective from the moment of official publication, after state registration in the Ministry of Justice of the Kyrgyz Republic.

4. After official publication of the registered regulatory legal act to Legal department to inform the Ministry of Justice of the Kyrgyz Republic on publication source (the name of the edition, its number and date).

5. To the legal entities and individual entrepreneurs providing payment services with use of electronic money to bring the performed activities into accord with the procedure established in the Provision "About Licensing of Activities for Provision of Payment Services with Use of Electronic Money" till September 1, 2008.

6. To assign licensing on implementation of activities for provision of payment services with use of electronic money in the form of prepaid cards in the territory of the Kyrgyz Republic to Management of methodology of supervision and licensing.

7. To management of payment systems to bring this resolution to the attention of commercial banks, JSC Settlement and Savings Company, regional managements and representative office of National Bank of the Kyrgyz Republic in Batken Province.

8. To impose control of execution of this resolution on the Board member of National Bank of the Kyrgyz Republic Imankulova Ch. K.

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of July 25, 2007 No. 36/6

Regulations on licensing of activities for provision of payment services with use of electronic money in the form of prepaid cards

1. General provisions

1.1. This Provision is developed according to the Civil code of the Kyrgyz Republic, the laws of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic", "About banks and banking activity in the Kyrgyz Republic", "About licensing", "About electronic payments" and other regulatory legal acts of the Kyrgyz Republic.

1.2. This Provision determines procedure and establishes requirements for receipt of the license for the right of implementation of activities for provision of payment services with use of electronic money in the form of prepaid cards (further - electronic money) during which attraction of money, in the territory of the Kyrgyz Republic is performed.

1.3. This Provision extends to financial credit institutes (further - FKU) and the non-bank organizations which meet relevant requirements of National Bank of the Kyrgyz Republic in cases of need of receipt of the license for the right of implementation of activities for provision of services with electronic money.

1.4. The National Bank of the Kyrgyz Republic (further - NBKR) is the single licensor in the territory of the Kyrgyz Republic having the right to grant license for activities on provision of services with use of electronic money as one of forms of banking activities.

1.5. The banks and other specialized financial credit institutes having the license NBKR for banking operations perform transactions with electronic money only in the presence of additional license for activities on provision of payment services with use of electronic money.

1.6. Within this provision activities for provision of services with electronic money in the form of network money and activities of the issuer of electronic money for acceptance of electronic money as instrument of payment only for own services do not belong to activities for provision of services with use of electronic money.

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info