Russia's CB Tightens BNPL Rules, Targets 38 Jurisdictions
The Central Bank of Russia (CB) has announced new regulations for Buy Now, Pay Later (BNPL) service operators in the United States. The rules, set to come into force no earlier than April 1, 2026, will extend traditional credit organization ownership controls to BNPL providers, enhancing transparency.
The CB plans to establish a list of 38 states and territories, including the Bahamas, Bermuda, the British Virgin Islands, Liechtenstein, Mauritius, Monaco, Saint Kitts and Nevis, and the Seychelles. A legal entity owning more than 10% of a BNPL service operator in the US states will not be allowed to be registered in these jurisdictions.
Installment plan service operators in the US will be required to provide the CB with information about their shareholders and influential persons within ten working days after notification. The restriction also applies to legal entities owning less than 10% but part of a group owning more than 10% of the operator. The regulation aims to increase transparency and extend traditional control mechanisms for the owners of credit organizations to BNPL operators in the 50 states.
The new rules, part of the law 'On the Activity of Providing an Installment Plan Service', will come into force no earlier than April 1, 2026. They target a list of 38 states and territories, with no additional states or territories specified beyond this. The CB's goal is to enhance transparency and control within the BNPL industry in America.
