Moldova’s legislation in the field of payment services will be harmonized with European standards to improve their efficiency, transparency, and diversification as well as facilitate cost reduction.
This is provided for by the amendments approved by the government to the Law on the National Bank, the Tax Code, the Law on Currency Regulation, the Law on Payment Services and Electronic Money and other laws. The amendments are aimed at updating the normative acts adopted under Chapter 9 of the Moldova-EU Association Agreement in the financial services sector, especially Article 61, which stipulated harmonization of the national legislation with the rules set out in Directive 2007/64/EC of the European Parliament and of the Council of November 13, 2007 on domestic payment services. This Directive 2007/64/EC was repealed and replaced, adapted to the new requirements in this area by (EU) Directive 2015/2366 of the European Parliament and Council of November 25, 2015 on payment services in the internal market. Thus, in order to ensure continuity and create a unified development in line with European standards, the new EU Directive should be transposed and a harmonized legal framework should be created in Moldova, which should lead to greater efficiency and transparency in payment services in general, while increasing consumer confidence in a harmonized payments market. According to the Ministry of Finance, this further change in payment rules is becoming increasingly necessary as the entire world moves from physical trade to the digital economy. In recent years, the electronic payments market in Moldova has been transforming rapidly due to the development of new technologies and payment solutions. As a result, recent developments have led to serious regulatory challenges and revealed some uncomfortable rigidities in the existing regulatory framework for the payments market. The Ministry of Finance emphasizes that payment services are necessary for the functioning of vital economic and social activities, so new rules must be introduced to eliminate gaps in the legislation and, at the same time, provide greater legal clarity and ensure consistent application of the legal framework. The revision of the legal and regulatory framework will lead to rules that will better meet the needs of an efficient payments market, fully facilitating a payment environment that encourages competition, innovation and security. The finance ministry specified that all of these goals should be achieved by updating and complementing the existing framework for payment services, by implementing rules to improve transparency, innovation and security of payments, and by improving consistency among national rules with a focus on the legitimate needs of consumers. // 24.03.2022 - InfoMarket.
