Regulatory Alerts2024-01-01 | JPRM-2024-018-MResolution JPRM-2024-018-M: Regulation of Payment Means and Systems in Ecuador and Fintech Activities
The Monetary Policy and Regulation Board issued Resolution JPRM-2024-018-M to comprehensively regulate payment means, payment systems, and fintech activities in Ecuador. The resolution defines physical and electronic payment instruments, establishes operational rules for electronic wallets, and mandates that all electronic transactions be settled and cleared through the Central Bank of Ecuador. It further outlines the regulatory framework for fintech entities, specifying their classification, authorization requirements, and the supervisory roles of various financial authorities.
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