The legislation will be enacted for the purposes of harmonisation of Cyprus law with the provisions of Directive 2007/64/EC of 13 November 2007 relating to payment services in the internal market.
The provision of payment services in the Republic of Cyprus will be regulated by the “Payment Services Law” and by directives issued by the Central Bank of Cyprus pursuant to authority granted by the proposed law.
The legislation will designate the Central Bank of Cyprus as the competent authority responsible for, amongst other matters, the granting authorisation to provide payment services in Cyprus.
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Theodorou Law is a Cyprus law firm with Cyprus lawyers and other legal experts on legal matters involving Cyprus law, EU law and international law. The above should be used as a source of general information only. It is not intended to give a definitive statement of the law and is subject to the disclaimer.