Regulatory Alerts2023-01-01 | JPRM-2023-014-MNorma that Regulates Currency and Payment Systems
The Monetary and Regulatory Policy Board of Ecuador issued Resolution JPRM-2023-014-M to establish the regulatory framework for currency, payment systems, and fintech activities. The resolution defines legal tender, mandates free fractional currency exchange by financial institutions, and regulates electronic payment methods and electronic wallets. It further outlines the structure of the national payment system, including the central and auxiliary payment systems, and sets operational and supervisory requirements for fintech entities.
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