A topical review of EPS market news

Despite the fact that fuss and indignation which literally have captured the space of financial world come down a little, recent sad events with LibertyReserve served a starter lever in involvement of other payment systems representatives into the general procedure of proceedings and limitations. New corrections to laws in force on electronic systems are added on a systemic basis, not promulgated earlier facts are voiced, the oppression wave towards other virtual payment systems is witnessed. Continue reading this review in order to find out the future of electronic money sphere and the things to be expected by us as direct EPS users…

Factually, the changes which may take force in our home land in the near time come to attempts of separate persons to limit online user in previous financial freedom. The first steps have been soon to come: in late May the Russian Federation government suggested amendments to Articles 7 and 10 of the Federal Law On the National Payment System. Let us remind that due to this document virtual money was able to turn into real cashless money on the tip from WebMoney and user could work with electronic payment processors without essential limitations up to recent times. Thus, persons without verification were able to transfer up to 40 000 rubles per month and the account balance did not have to exceed 15 000 rubles at any time. Identified users, legal persons and IE (individual entrepreneurs) were allowed to have up to 100 000 rubles on account balances. But it’s not digital limits that alerted the bodies of the Russian government. They are concerned with many moments which may favor the performance of illegal transactions and financial support of terrorism. In particular, legal persons can apply natural person as a mediator in their transactions (money transfer between legal parties is forbidden) and natural persons who use anonymous payment systems may receive the rest of the money in cash or transfer it to other entities.

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The tendency of moving amendments into active laws has been taken by the Ukrainian financial government board. On the last days of May the data were released as for the NBU planning to correct the main Electronic Money Regulations. In particular, the overall volume of carried out money transactions must be limited to 25 000 hryvnias per month, except the cases when the same user claims to liquidate 8 000 hryvnias and more during the month. The National Bank of Ukraine also plans to forbid electronic money transfer to other users by means of prepaid cards.

Meanwhile, following recent notices on government’s attention to PM, some pieces of impartial information about the STP position with regards to the law regulating EPS activity in the USA come to light. This company appears to have no money transmitter license, so the payment system is illegal now. We don’t need to look far for probable consequences: Mt. Gox exchange service was shutdown not long ago as it had no relevant license. Then LibertyReserve was closed. So far only three states took notice of this fact (Arkansas, North Dakota, Virginia) but the license for carrying out business with STP would be required in each state. Now experts of STP users advise to keep only small sums on their STP accounts, otherwise, be ready to have your funds locked for a long term.

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Finally, let’s touch the situation with BitCoin oppression. The whole point is that one of the largest BitCoin exchange offices has not been incorporated in the United States treasury in the appropriate way. The seizure procedure of the American BitCoin accounts has been initiated by the Dwolla contractor’s appeal to court due to evasion of Mt. Gox from performing obligations on transfer the right of transaction operations in this currency by Dwolla. It’s not an easy deal for the United States law enforcement body to prove the illegal BitCoin activity: in fact, there is neither hierarchy in the system nor real access to users’ personal data.

However, even such all-round government oppression measures in the international scale will not be able to root out the firmly standing and popular virtual finance structure. Perhaps, electronic payment systems will be transformed into a different form, but the fact remains. Thus, there is no essential reason for mass concerns. There are only separate moments to be fixed soon.

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