Ukraine's National Bank proposes changes to currency licensing rules for nonbank financial institutions
The National Bank of Ukraine (NBU) is proposing updates to the procedure for revoking licenses for foreign currency operations issued to nonbank financial institutions.
According to the regulator's website, the proposal specifies that grounds for revocation would include: the revocation of a financial services license and/or the removal from that license of the type of activity involving foreign currency operations; the removal from the license of an individual type of financial service; or the termination of authorization to provide a specific type of financial payment service that is also included in the license.
The changes would apply to nonbank financial institutions (excluding the central counterparty) and postal operators that hold an NBU license to conduct foreign currency operations, except licenses covering the trade of currency valuables in cash form.
Comments and proposals to the draft regulation, "On Approval of Amendments to the Regulation on the Procedure for Issuing Licenses for Foreign Currency Operations," will be accepted until December 4, 2025 inclusive.
As reported, the NBU earlier introduced a number of changes regarding restrictions on foreign currency operations in the insurance sector. Those restrictions were implemented under NBU Board Resolution No. 18 of February 24, 2022, "On the Operation of the Banking System During Martial Law."
