On Jun. 20, LTH PRL amended the law on e-money institutions.
LTH PRL published Law XIV-2714 of Jun. 13, 2024 amending art 15, 39 and 43 of the Law XI-1868 of Dec. 22, 2011 on electronic money and electronic money institutions.
Main Points
The amended law determines persons who have the right to issue electronic money.
The conditions for issuing and redeeming electronic money, the procedure for licensing, operation, termination and supervision of electronic money institutions and branches.
Amendment to art 15, point 5, re the supervisory authority's, i.e. LTH CB, obligation to inform e-money institution of its decision to suspend the license and indicate breaches.
And to set a time limit of at least 1 month for the institution to remedy the breaches.
Amendments to art 43 re the conditions and appointment of temporary administrator.
Effectiveness
The law enters into force on Nov. 1, 2024.
Regulators
LTH PRL
Entity Types
Corp; MSB
Reference
OG 2024-11237, 6/20/2024; Law XIV-2714, 6/13/2024; Law XI-1868, 12/22/2011; FinTech
