LEGAL ASPECTS OF ELECTRONIC PAYMENT SYSTEM WEBMONEY TRANSFER IN UKRAINE
In Ukraine, systems of "electronic payments" started developing at the
beginning of the 2000 and today in the conditions of financial crisis and
unstable bank activity began to be considered as alternative to traditional ways
of calculations between physical and legal entities.
According to official sources, presented by the Ministry of Revenue and
Duties of Ukraine, in 2011 the volume of the calculations executed by various
systems of "electronic payments", made 2,5 billion UAH. On financial results of
2011 it makes twofold increase in a monetary turn in comparison with 2010.
According to the most modest forecasts, the further gain of these calculations
can reach 15 billion UAH by 2014.
Let's note that the turn of electronic money in Ukraine still isn't settled
legislatively, and available normative legal acts often comprise many
definitions which insufficiently precisely reflect an essence and the nature of
systems "electronic payments".
In the international practice by the first
legal status of electronic
money is regulated. In particular, according to the paragraph "b" of item 3 of
Art. 1 of the Directive of the European Union 2000/46/EU, electronic money means
the monetary value as a special type of the right of the requirement to the
organization issuer and correspond to the following three parameters:
1) fixed and stored on the
2) issued for receiving money in a cost size, not smaller the emitted
3) accepted, as an instrument of payment, others (besides the issuer)
Similar definition is given by the Ukrainian legislation. So, according to
the item 1.2 of resolution No. 178 NBU of 25.06.2008, electronic money is
defined as "the units of value which are storing on the electronic device",
serving as an instrument of payment of clients of the issuer of such money and
"being the liability of the issuer". Besides, in Ukraine legal status of systems
"electronic payments" is regulated by:
1) the Civil code of Ukraine of 16.01.2003 No. 435-IV;
2) the Instruction about an order of opening, use and closing of accounts in
national and the foreign currencies, approved by the resolution of NBU of
12.11.2003 No. 492;
3) the Instruction about clearing settlements in Ukraine in the national
currency approved by the resolution of NBU of 21.01.2004 No. 22;
4) the resolution on electronic money in Ukraine, approved by the decree of
NBU of 25.06.2008 No. 178 which obliges the companies issuing "electronic"
money, during six months to tax on coordination of the rule of work of the
5) Resolution "About Electronic Money", update (No. 481 resolution NBU of
One of leaders on virtual monetary circulation on the territory of Ukraine
is the payment system of WebMoney Transfer
To the number of the main electronic currencies of this system behave: WMZ
(US dollar equivalent); WMU (hryvnia equivalent); WMR (equivalent of Russian
ruble); WME (euro equivalent). Legal status of each of them is defined according
to the legislation of that country which resident is the issuer of such
currencies. In Ukraine issuers of electronic money are compelled to adapt the
operations for the current legislation.
Today, the current legislation of Ukraine didn't define the concept of
"electronic money". The only normative
legal act which defines what
"electronic money" is, regulates their issue, and the address in the territory
of Ukraine is Resolution of NBU No.481 of 04.11.10. "About electronic money".
At the same time, according to lawyers, initial adoption of the relevant
law, and then, on its basis, - Resolutions of NBU would be more logical. In this
regard, for two last years in the Verkhovna Rada different parliamentary
fractions repeatedly submitted for consideration the bills "About Electronic
Trading", "About Electronic Commerce", etc. Unfortunately, any of them isn't
accepted yet. Let's note that NBU in December, 2010 decided to suspend procedure
of coordination of rules of systems of "electronic" money (the internal order
No. 627 of 16.12.10) before adoption of the relevant law.
Despite not accurately regulated procedure of functioning of WebMoney
Transfer system in a legislative field, it continues to develop actively. For
example, in January of the current year her users had an opportunity to receive
the cashed "electronic" money in any of "Ukrpochta's" offices.
The maximum sum of one transfer makes 5 thousand UAH, the number of
transfers isn't limited. At implementation of transfers "Ukrpochta" raises
commission charges depending on the sum of 1,2-4%. Thus the minimum amount of
commission payment - 5 UAH.
Besides, at present in Ukraine there is no accurate algorithm of actions
when obtaining the income of physical and legal entities through system -
WebMoney Transfer, also as there is no algorithm of the taxation of the money
brought to cash cards. There is only the general requirement of the tax
legislation which essence is reduced to that income gained on the Internet, has
to be assessed with taxes.
Considering that fact that in Ukraine users of
considered system are more than 2 million physical and legal entities, and the
average amount of one payment makes 300 UAH, development and practical
introduction of algorithm of the taxation sphere of virtual monetary circulation
gains special importance in a context of performance of a problem of filling of
the budget of Ukraine for 2012.
Source: Authors publication