Decreto-Legislativo n.º 8/2018, de 28 de novembro, regime jurídico da prestação de serviços de pagamento e da emissão de moeda eletrónica (Legislative Decree No. 8/2018 on the legal regime for the provision of payment services and the issuance of electronic money) (Cabo Verde)

Legislative Decree No. 8/2018 of 28 November 2018 establishes the legal regime governing the provision of payment services and the issuance, distribution and reimbursement of electronic money in Cabo Verde. It forms part of the 2018 reform package that modernised the Cape Verdean payment system (alongside Legislative Decree No. 9/2018 on access to the activity of payment institutions and electronic money institutions, and a companion decree on the organisation and functioning of the payment system). Cabo Verde is not a WAEMU member and has its own central bank, the Banco de Cabo Verde (BCV), which supervises the regime. Scope and applicability: The Decree applies to payment service providers and electronic money issuers operating in Cabo Verde and to their relationships with users. It defines the categories of payment services, sets the conduct-of-business and transparency framework, and regulates the issuance, distribution and reimbursement of electronic money at par value. It is the 'conduct' counterpart to the 'access/prudential' regime in Legislative Decree No. 9/2018. Core obligations: The Decree imposes transparency and information requirements on the conditions governing payment services and e-money, governs the rights and obligations of providers and users (including execution of payment transactions, value dating, liability for unauthorised or incorrectly executed transactions, and charges), and requires electronic money to be issued against receipt of funds and reimbursed on demand at par. Providers must give clear pre-contractual and contractual information and handle complaints, and are subject to consumer-protection, AML/CFT and data-protection obligations. Supervision and enforcement: The Banco de Cabo Verde authorises, regulates and supervises payment service providers and electronic money issuers, monitors compliance with conduct and transparency rules, and may apply administrative sanctions for breaches. The Decree, read with Legislative Decree No. 9/2018, provides Cabo Verde with a payment-services and e-money framework broadly modelled on the European Union's payment-services and e-money directives.

1. 1Establishes the legal regime for the provision of payment services and the issuance, distribution and reimbursement of electronic money in Cabo Verde
2. 2Defines payment-service categories and sets conduct-of-business and transparency requirements
3. 3Requires electronic money to be issued against funds received and reimbursed on demand at par value
4. 4Governs rights and obligations of providers and users, including liability for unauthorised or incorrectly executed transactions and charges
5. 5Imposes pre-contractual/contractual information duties, complaint-handling, consumer-protection, AML/CFT and data-protection obligations
6. 6Supervised and enforced by the Banco de Cabo Verde; complemented by Legislative Decree No. 9/2018 on access to payment and e-money institutions