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NBU cancels certain individual licenses for individuals-residents of Ukraine
Dentons, Kyiv, Ukraine,
Tue, Feb 28, 2017
On 23 February 2017 the National Bank of Ukraine (NBU) amended its regulations whereby it revisited the legal regime for placement money on foreign accounts and making foreign investments by individuals-residents of Ukraine.
The amendments cancel the requirement for individuals-residents of Ukraine to obtain an individual license from the NBU in the following cases:
- placement of funds originating from abroad on foreign bank accounts; and
- investing into foreign assets at the expense of funds originated from abroad.
The above changes apply to individuals-residents of Ukraine only — and only with respect to funds originated from abroad. Ukrainian companies and individual entrepreneurs will still be required to obtain an individual license from the NBU in the aforementioned cases. This is significant step towards liberalization of Ukrainian currency market.
The aforementioned changes came into force as of 25 February 2017.
Legislation: Resolution of the Board of the NBU No. 14 dated 23 February 2017 “On Amendments to Certain Regulations of the National Bank of Ukraine.”