RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of March 30, 2016 No. 15/6

About approval of the Provision "About electronic money in the Kyrgyz Republic

According to articles 7 and 43 of the Law "About National Bank of the Kyrgyz Republic" Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "About Electronic Money in the Kyrgyz Republic" it (is applied).

2. Declare invalid the following resolutions of Board of National Bank of the Kyrgyz Republic:

- "About approval of the Provision "About Electronic Money in the Kyrgyz Republic" of May 12, 2015 No. 27/8;

- "About modification and amendments in the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About Electronic Money in the Kyrgyz Republic" of May 12, 2015 No. 27/8" of November 2, 2015 No. 65/2.

3. To the operators of payment systems who did not sign contracts with emitting bank of electronic money according to requirements of the Provision "About Electronic Money in the Kyrgyz Republic" to stop the activities connected with electronic money, since June 1, 2016.

3-1. Operators of the international system of electronic money / issuers of the international electronic payment system for rendering services with use of the international electronic money in the territory of the Kyrgyz Republic shall give the activities according to this resolution and be registered by National Bank of the Kyrgyz Republic till October 1, 2017.

4. To legal management:

- publish this resolution on the official site of National Bank of the Kyrgyz Republic;

- after official publication to send this resolution to the Ministry of Justice of the Kyrgyz Republic for inclusion in the State register of regulatory legal acts of the Kyrgyz Republic.

5. This resolution becomes effective after fifteen days from the date of official publication.

6. To management on work with documents to bring this resolution to the attention of the relevant structural divisions, regional managements and representative office of National Bank in Batken Province.

7. To management of payment systems to bring this resolution to the attention of the operating commercial banks, operators of payment systems of the Kyrgyz Republic and the international electronic payment systems.

8. To impose control of execution of this resolution on the vice-chairman of National Bank Kyrgyz Republics Orozbayeva L.Dzh.

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of March 30, 2016 No. 15/6

Provision "About Electronic Money in the Kyrgyz Republic"

Chapter 1. General provisions

1. Ceased to be valid according to the Resolution of Board of National Bank of the Kyrgyz Republic of 17.05.2017 No. 19/1

2. This Provision establishes procedure and requirements to commercial banks (further - bank), to operators, agents, subagents and operators of the international system of electronic money / to issuers of the international electronic money on making of transactions with electronic money in the territory of the Kyrgyz Republic.

3. Transactions with electronic money include release, distribution, repayment of electronic money and provision of payment services with use of electronic money in the territory of the Kyrgyz Republic.

4. Release of electronic money in the territory of the Kyrgyz Republic is the licensed activities. The license is granted to bank only on accomplishment of the following transaction types:

1) release, distribution and repayment of electronic money;

2) acceptance of orders from holders of the electronic money on implementation of payment for goods/services transferred to bank with use the Internet, mobile and other means of communication;

3) processing (processing) of transactions with use of electronic money;

4) implementation of settlings with acceptors with which contracts, on the payments processed in system for and on behalf of holders are signed.

5. Banks, operators, agents, subagents, and also operators of the international systems of electronic money / issuers of the international electronic money shall observe and fulfill requirements of the legislation of the Kyrgyz Republic.

Chapter 2. Terms and determinations

6. For the purposes of this provision the following terms and determinations are used:

The acceptor of electronic money (acceptor) - the legal entity, and also the individual entrepreneur who according to the signed contract with emitting bank of electronic money or the agent accepts electronic money for payment of goods or services with provision of the documents confirming making of transactions with electronic money.

The agent (distributor) of electronic money - the legal entity or the individual entrepreneur, resident which makes repayment (exchange) of electronic money for cash or non-cash extends electronic money in accordance with the terms of this provision, based on the signed agency agreement with the bank which issued electronic money.

The agent of the international electronic payment systems - the resident bank which is performing activities in compliance the legislation of the Kyrgyz Republic and having contractual relations with the issuer of the international electronic payment systems.

Authentication is installation of authenticity of person by check of authenticity of the shown identifier (PIN code, login, etc.).

Use of electronic money in calculations - transfer by the holder of electronic money to the acceptor with use of program technical means when implementing calculation for provided goods and/or services. Calculations with use of electronic money are non-cash if cash flow happens in national currency, without participation of cash, by cash write-off from the account of the holder of electronic money and their transfer into the account of the acceptor.

Identification number of e-wallet - unique number of e-wallet which is assigned in case of its initial registration in system. According to identification number of e-wallet the holder has opportunity to obtain information on cash flow and remaining balance on e-wallet, and also to make blocking of purse in case of need.

The identified e-wallet - e-wallet which holder underwent process of identification and verification according to the legislation of the Kyrgyz Republic.

The international electronic money - the electronic money, electronic money, monetary commitments electronically issued (considered) nonresidents of the Kyrgyz Republic within legislation countries of source outside the Kyrgyz Republic.

Cash - bank notes in the form of banknotes and coins in foreign and national currencies.

The operator of settlement system - the operator of payment system, the resident acting according to the legislation of the Kyrgyz Republic who establishes and/or provides technical support of the special software, the hardware and network equipment for implementation of transactions with electronic money carries out by electronic money (further - the operator) processing based on the contract with bank.

Repayment - transaction of exchange of electronic money / the international electronic money shown by the holder to bank, the operator, the agent, the subagent/subagent of the international electronic payment systems on the cash or non-cash which are not exceeding remaining balance of the amount of electronic money stored on them / the international electronic money. Repayment can be made using peripheral devices.

Processing of electronic money - the activities including collection, processing and mailing of information to participants about the transactions with electronic money provided by the relevant contracts between participants of settlement system with use of electronic money.

Clearing bank - the bank performing settlement between participants of settlement system with use of electronic money.

Distribution of electronic money - service of bank, the agent, subagent, agent (subagent) of the international electronic payment systems on provision of electronic money / the international electronic money to holders for their further use.

The bank account on accounting of electronic money - the account opened by bank which is used only for carrying out transactions on transfer of cash amount on the issued electronic money, and on cash write-off for repayment of electronic money. The remaining balance on this account is equal to the total amount of obligations on all to the issued electronic money. Cash write-off from this account is limited and performed only to acceptors, on repayment of electronic money, including money transfer from one e-wallet on another, being in different electronic payment systems.

Registration in electronic payment system - carrying out registration by the client in system with obligatory authentication, by introduction of the data according to procedures of bank, operator, the international electronic payment system.

Settlement system with use of electronic money (electronic payment system) - set of the bank and other institutes, hardware technical means, rules and procedures providing the address of electronic money.

The subagent/subagent of the international electronic money - the legal entity or the individual entrepreneur who signed the subagency contract with the agent/agent of the international electronic money for implementation of transactions on distribution and repayment of electronic money / the international electronic money.

The device of access is tool (the personal computer, the mobile phone or other device) providing to the holder access to the e-wallet for implementation of transactions 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