Recent Developments
The Regulation Amending the Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers (the “Regulation”) prepared by the Central Bank of the Republic of Türkiye (the “CBRT“) was published in the Official Gazette on September 30, 2024 (the “Amending Regulation”).
You can access the Amending Regulation here.
What’s New?
On October 7, 2023, the amendment to the Regulation (the “Amendment”) introduced important provisions for the use and promotion of the digital wallet service. You can access our legal alert on such regulations here.
According to the Amendment, persons who were offering digital wallet services before October 7, 2023, the date on which the Amendment entered into force, and who could be included in the category of payment institution or electronic money institution but did not have an operating permit were required to apply to the CBRT for obtaining the necessary permits by October 7, 2024.
The Amendment also stipulated that payment service providers that offered digital wallet services before October 7, 2023 must comply with the regulations introduced by the Amendment by October 7, 2024.
The Amending Regulation extended the deadline for applying to the CBRT to obtain the necessary permits and comply with the regulations introduced by the Amending Regulation until April 7, 2025.
