Andorra has approved the Regulation regarding the legal regime for payment services and electronic money

photo: govern

The Government has approved the Regulation regarding the legal regime for payment services and electronic money and payment institutions and electronic money institutions that will enter into force on the day after its publication in the Official Gazette (BOPA) of the Principality of Andorra.

The finance minister, Jordi Cinca, explained that the text expands the Electronic Payment Services Law, approved by the General Council last May, which was modified in October, including some regulatory adjustments.

The Regulation approved today repeals the previous one, updating it to be in line with the European Directive PSD2, regulating aspects that facilitate and improve the security in the use of payment systems over the internet and reinforcing the level of user protection against fraud and potential abuse. In addition, it wants to promote innovation in payment services through mobiles and the internet so that an environment favorable to the acceleration of payment transactions is created.

The Minister of Finance has affirmed that the regulatory implementation culminates the transposition of the different European directives regarding payment and electronic money services, provided for in the Monetary Agreement, as the necessary legislative framework for Andorra to belong to the single space European payments in euros (SEPA).