UDC 347.74:336.74:004

DOI 10.37749/2308-9639-2024-2(254)-6

А. А. Shulhin, PhD student Academician F. H. Burchak Scientific Research Institute of Private Law and Entrepreneurship of the NALS of Ukraine

ORCID: 0000-0002-4603-7584


The research examines the impact of recent amendments to Ukraine’s «Law on Payment Services», particularly how these changes have expanded the range of entities that can issue electronic money, refined the issuance process, and established better consumer rights protection. It highlights the benefits of these modifications, including the harmonization with European standards and the potential for digital economic growth. However, the study identifies issues such as the remaining imperfections in state regulation, which may hinder innovation and the full utilization of electronic money’s potential.

The research analyzes the legal definition of electronic money in Ukraine and the EU, noting the differences between fiat and non-fiat money in terms of legal payment status. It discusses the peculiarities of electronic money issuance, the National Bank of Ukraine’s exclusive rights concerning currency issuance, and the contradictions arising from these legislative nuances.

The study concludes that while the «Law on Payment Services» aligns with EU norms and facilitates online transactions, there are legal inconsistencies that need addressing to ensure the effective use of digital payment systems. It suggests that the Civil Code of Ukraine requires updates to reflect digital economy realities and proposes further harmonization and legislative development to support the rapidly evolving fintech sector.

Keywords: electronic money, money, digital assets.


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