Eternity Law International News New Fintech legislation in Ukraine

New Fintech legislation in Ukraine

September 7, 2022

New Fintech legislation in Ukraine outlined fundamentals of functioning and regulation of modern fin-technologies, particularly, circulation and usage of e-money, payment mechanisms and virtual currencies within Ukraine. Legal provisions provide greater safety and higher effectiveness of financial services offered in country, particularly, for every company with financial license. Ukrainian legislators harmonized new Law with updated EU norms regulating payments fields, and with provisions on control of digital money circulation, which regulate all e-payments that are made within the European Union.

Ukrainians will possess opportunities to choose not a specific service provider with entire services package: actual services themselves from various providers – in a way that is convenient for the client. It is worth noting that the law itself will not bring all these changes with a wave of the hand. Ahead is the path of developing and standardizing open APIs, adapting internal processes, and developing best practices. It’s essential to understand that the changes will not be instantaneous, but over time they will qualitatively change our interaction with banks.

The circle of firms-providers of fiscal services was somewhat extended, in addition, their activities were clearly identified and a list of permitted transactions was given. Particularly, the law distinguishes next-mentioned categories:

  • banking establishments;
  • payment organizations;
  • affiliated companies of enterprises of foreign origin;
  • e-money establishments;
  • postal establishments;
  • facilities having official rights to offer such services;
  • non-financial payment establishments;
  • government agencies.

The law concerns the conditions for introducing e-banking concepts in Ukraine; it changes the very principles of access to settlements. Consequently, the client will no longer be tied to a specific bank and its mobile application – a completely new field of competition appears. Soon, the client’ll be able, as before, to use one bank services where his/her account is opened, but the interface and even e-payment instrument can be chosen separately – among the offers available on market.

Services list for Fintech company in Ukraine

Law introduced new activities for financial companies in Ukraine.

  1. Crediting money.
  2. Money withdrawal, with exception of e-wallets.
  3. Conducting operations with customer capital, transferring funds, in particular transfers of credit funds, and carrying out operations with permitted fiscal tools.
  4. Issue of payment tools.
  5. Transferring funds not creating accounts.
  6. E-money issuance and payments with them.
  7. Maintenance of e-wallets.

Provisions of this bill say that National Bank should form a separate sector for checking modernized payment technological developments and remedies with implementation of modern mechanisms. After checking is over, participants in this sector can obtain appropriate permission and continue their working. Law also gives for a period of two years: new firms are subject to simplified demands and regulations, in particular, a less stringent registration procedure.

Via adoption of a new legislative framework, a more reliable, secure and modern legal basis for FinTech organizations in Ukraine is being created. It improves the level of operation of national FinTech regulative frame. Thus, greater horizons are opened up for company in Ukraine for sale in such niche, particularly, by expanding scope of modernized developments that will now become accessible to Ukrainian consumers.

If you have any questions regarding Fintech in Ukraine, please contact our specialists. We have many years of expertise of working with different types of businesses in more than a hundred jurisdictions. Our experts will help you choose Fintech companies for sale, and provide comprehensive professional support at every stage of the transaction.

You can see our current offers in the categories “Cryptocoins and licensing of cryptocurrency operations”, “Ready-made companies”, “Banks for sale” and “Licenses for sale”.

You could be interested

Peculiarities of obtaining a cryptocurrency license in Lithuania

All Lithuanian entrepreneurs, in order to conduct business in the provision of services related to cryptocurrency, need to obtain a crypto license. Lithuania offers a friendly and fully regulated legal environment for companies offering cryptocurrency exchange services and storage wallets, with refined rules that have been in effect since 2020. Cryptocurrency license in Lithuania This...

Curacao gaming license obtaining

The little island of Curacao provides betting licenses to businesses operating there and is considered one of the top entities for such licensing. One benefit of Curacao online gaming license consists of the fact that the area was formerly a part of the Dutch Antilles and continues to enjoy special status as an independent Dutch...

What is a smart contract?

One of the concepts that invigorated the develοpment of blοckchain-based technologies was the idea to get rid of 3rd-party intermediaries, such as banking institutions and monetary authorities, from a person’s financial affairs. It is still under question whether this objective has been reached, but the boom in cryptocurrencies—most notably, Bitcoin—has caused many questions about centralized financial organizations...

White Label Banking Solutions

Banking solutions’ creation needs plenty of time and material expenses. However, today entrepreneurs cannot spend resources on producing their own mechanisms for online-banking, but implement ready White Label banking solutions. These tools help fintech organizations preserve their own forces and minimize time it takes to bring organizations to market. White Label banking as a service...

HACCP Essence & Features

It is a globally recognized method for managing food industry risks. It provides customers and society with confidence that food safety program is properly managed. HACCP is a set of rules for organizing production activities based on 7 principles, which guarantees the output of a high-quality and safe product for the consumer. To achieve the...

Financial Opportunities in Malta

New Blockchain Legislation In many countries, blockchain is a familiar concept and does not cause misunderstanding, which is why financial opportunities in Malta have reached such a level. Some countries have focused only on bitcoin or similar cryptocurrencies at a standard level. But there are innovators who introduce cryptocurrency at the state level, letting them...
Fill the blank:


Dreikonigstrasse, 31A, Stockerhof


Baseina street, 7


Grosvenor Gardens, 52


Lochrin Square, 1


Jacovides Tower, 5 floor


Kesklinna linnaosa, Tuukri 19


Esplanade, 7 floor


Gediminas Avenue, 44A

New York

New Rochelle, Huguenot St, 175


20 Martin Place


3 Fraser Street, #08 DUO Tower

Hong Kong

18 Harbour Road, 35/F, Central Plaza, Wanchai


2609 Avenida da Boavista


Revaz Tabukashvili Str., N 45, area N 7