Regulatory Alerts2021-01-01
Instructions No. 6 of 2021 Regarding the Regulation of Operations of Payment Service Companies (1)
The Palestine Monetary Authority issued Instructions No. 6 of 2021 to securely and transparently regulate the operations of licensed payment service companies in Palestine. The directives prohibit providers from engaging in virtual currency trading, credit extension, forex speculation, and real estate activities, while mandating a 5% cash collateral deposit and strict interoperability with national payment systems. Furthermore, the regulations enforce comprehensive cybersecurity governance, including mandatory encryption, multi-factor authentication, segregation of duties, continuous monitoring, and robust business continuity and disaster recovery protocols.
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