Payment systems and terminals in Azerbaijan. New law accepted!
- EMZE Law
Milli Majlis of Azerbaijan adopted and the President of Azerbaijan signed a new law “On payment services and payment systems” on July 17, 2023.
The long-awaited new law brings clarity and defines a number of concepts such as “payment systems”, “electronic money”, “payment terminal”, etc. The law also defines what belongs to payment services and what does not. The law regulates and describes in detail such procedures as:
– issue of electronic money;
– organization of activities and rules of the payment system;
– licensing and registration (application procedure, terms, review procedure, issuance and liquidation of a license) of this type of activity;
– registration and issuance of a license to carry out such activities by foreign payment systems;
– requirements for the management of payment systems and organizations;
In total, the law consists of 68 articles.
In connection with the adoption of this law, the President of Azerbaijan also signed a decree on its application.
We also note that the law comes into force 3 months from the date of publication, i.e. in November 2023.
As a result, companies engaged in the provision of payment services and who are holders of payment systems will have to obtain the necessary licenses before May 1, 2024.
