Regulatory Alerts2024-01-10
Added · Updated
Local Payment Network Regulation
This regulation establishes the legal framework for the local payment network, defining the roles of the Central Bank of Libya as the supreme regulator and the network operator as the authorized manager. It mandates licensing for banks and independent payment service providers, sets membership and subscription criteria, and outlines the operator's responsibilities for network operations, dispute arbitration, and reporting. The Central Bank retains authority to impose participation systems, enforce standards, and conduct direct or indirect supervision to ensure security, efficiency, and compliance with public interest.