The State Duma is going to introduce restrictions for payment systems

    We are talking about payment systems that are not registered in the Russian Federation. For example, PayPal and Webmoney, which are registered not in Russia, but in the USA and London, respectively. Currently, representatives of the State Duma Committee on Budget and Taxes are preparing a number of changes to the regulatory legal acts regulating the activities of payment systems on the Internet.

    All these changes will be reflected in the bill currently under preparation. As far as one can understand, one of the most important innovations will be the obligation of payment systems to provide security collaterals. Similar pledges were previously introduced for Visa and MasterCard.

    According to the authors of the project, most of the innovations relate to the openness of payment systems to the law of the Russian Federation. Legislators now point out that payment systems can be used to finance terrorism and other illegal activities.

    “This will be a whole package of bills that will give the Central Bank a full controller status in the Russian banking system. Among other things, amendments are being prepared to regulate foreign online payment systems operating in our country in order to increase their reliability. The changes will affect the creation of a security collateral database for companies that allow settlements on the Internet. The issue of creating greater access by Russian regulatory authorities to these systems is also being considered with the aim of more effectively combating crime financing and dubious money flows, ”says Yevgeny Fedrov, the author of the bill.

    The size of the security deposit for Internet payment systems will be equal to the same indicator for payment card systems. Today, VISA and MasterCard are required by law to accumulate on a quarterly basis in special securities accounts 25% of the average turnover per day. However, after some debate, the Russian authorities promised foreign companies to slightly reduce the amount of collateral.

    By the way, as for PayPal, this company recently received a license from the Central Bank, so representatives of the payment system do not consider the new bill to be related to PayPal. “PayPal is not on the list of systems this requirement applies to,” said company spokeswoman Maria Azamkhuzhayeva.

    Visa Qiwi Wallet is also registered in the Russian Federation, so the new bill may not apply to this system.

    By the way, the blocking stake in YAD (Yandex Money) still belongs to the Dutch legal entity, so questions arise here.


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