Ukraine has recognized EU-provided qualified electronic trust services

In July 2022, the National Bank of Ukraine settled the issue of recognition of qualified electronic trust services provided in the European Union in the banking system of Ukraine and during the transfer of funds.

From now on, Ukrainian banks, branches of foreign banks and participants of payment systems shall recognize:

• qualified electronic signatures and/or qualified electronic seals established in accordance with the legislation of the European Union;

• means of a qualified electronic signature or seal certified in accordance with the legislation of the European Union.

Such a decision will contribute to the acceleration of the integration of the banking system of Ukraine into the Digital Single Market of the European Union and the development of a common financial space. The relevant norms are envisaged in the resolution No. 140 of the Board of the National Bank of Ukraine dated July 7, 2022 “On the recognition of foreign qualified electronic trust services in the banking system of Ukraine and when transferring funds”, which comes into force on July 12, 2022. It will be in effect until the conclusion of an agreement between Ukraine and the European Union on mutual recognition of qualified electronic trust services.

It is expected that further mutual recognition of electronic trust services between Ukraine and the EU will expand the opportunities of citizens and businesses. In particular, it will enable to carry out cross-border transactions using a qualified electronic signature (QES) from one’s personal computer or smartphone without unnecessary efforts and costs.

The team of the Ministry of Digital Transformation is already working to ensure that the key components of the Ukrainian system of electronic trust services are compatible with the corresponding components of the EU system. In this way, citizens of Ukraine will be able to receive public services online in EU member states with the help of Ukrainian QES. Entrepreneurs will be able to conclude online contracts using their own qualified electronic signatures and verify electronic signatures created by foreigners.

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