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Fintech Market Overview

This article does not constitute legal advice.

Payment services in Russia

Fintech Software

The Federal Law on the National Payment System (NPS Law) regulates payment services in Russia along with many complementary statutes. This legislation defines each transactional activity within the country by setting out requirements according to each particular activity. Most of these transactions are carried out by credit institutions. The activities of non-bank credit institutions are restricted, for instance, to payment processing and payment clearing services.1

The Fast Payment System (FPS) and the National Payment Card System are now active and functioning since January 2019, according to the Central Bank's 2018-2020 calendar. 205 banking institutions have been recognized as enrolled in the FPS by January 2022. Private consumers can pay immediately online 24/7 through the FPS platform. They only have to access uncomplicated identifiers such as their cell phone or a QR code, no matter which bank their or the recipient's account belongs to.2

Cryptocurrencies in Russia

Fintech in Russia

Fintech in other countries

Let's introduce you

Russian Fintech Lawyers

Roman Buzko

Roman Buzko

Registration, regulatory advice, investment transactions and dispute resolution.

Languages: EN RU

Viacheslav Losev

Viacheslav Losev

Legal support for FinTech and Blockchain projects

Languages: EN RU

Fintech investors from Russia

Bergtop

Bergtop

We invest between USD $50k - $250k in each early-stage company

Languages: EN RU

Notes
  1. http://www.cbr.ru/registries/nps/rops
  2. https://thelawreviews.co.uk/title/the-financial-technology-law-review/russia
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