April 1 brought to Ukraine not only the introduction of electronic prescriptions for prescription drugs, but also several interesting innovations in the field of electronic services. Among them is the launch of a new generation of the National Bank’s Electronic Payment System (SEP) and the Law of Ukraine on Electronic Residency. Let’s talk more about these events.
The National Bank of Ukraine has finally launched full-fledged operation of the new generation of SEP (SEP-4.0) based on the international standard ISO 20022 in a 24-hour mode. The launch of this system was previously planned to take place on August 20, 2022, but due to the war, the transition was postponed to April 1, 2023. As noted by the NBU, the new generation of SEP is based on modern software and technical tools, which allows to improve the speed, convenience and security of electronic payments. Thanks to a higher level of process automation, it was possible to speed up the processing of payment transactions. In addition, the ISO 20022 standard allows you to unify payment messages, create uniform rules for their filling and processing, and introduce additional details fields.
In addition, the SEP currently operates 24/7. Therefore, interbank payments can be made around the clock without stopping the system, and the transition from the current to the next calendar day occurs instantly. In addition, it is emphasized that the introduction of a new generation of SEP opens the prospects of Ukraine joining the Single Euro Payments Area (SEPA). The NBU is already working on a new version of SEP-4.1 with the implementation of instant payments. Its testing is scheduled for 2023.
At the same time, the law on electronic residency (e-residency) entered into force on April 1. It will allow foreign IT specialists to become entrepreneurs in Ukraine. All necessary actions can be done online. At the same time, taxes will be paid in Ukraine. As noted in the Ministry of Digital Affairs, the launch of electronic residency will allow foreigners to:
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- become entrepreneurs in Ukraine in a few clicks;
- manage your business remotely using modern technologies;
- to sign documents with an electronic signature;
- open and manage bank accounts remotely;
- pay taxes on preferential terms.
Officials believe that e-residency will attract international investments and fill the budget. It is predicted that in the first year after the full launch of the project, about 1,000 foreign entrepreneurs will receive the status of e-residents. This will bring more than $1 million in contributions to the budget.
At the same time, there are some restrictions on acquiring the status of e-resident. Citizens of Russia and other countries on the sanctions list will not be able to get it. Also, entrepreneurs who have income in Ukraine cannot become e-residents.
Although the law on e-residence has already entered into force, the testing of the project and the development of the necessary legal framework are still ongoing.
Source: NBU, Ministry of Statistics
