In September, the Central Bank of the Republic of Turkey (“CBRT”) published the Guide on Associating Business Models in the Field of Payments with Payment Service Types (“Guide”). The Guide includes explanations regarding payment services and electronic money issuance. An operating license is required from the CBRT for these activities under Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions (“Law No. 6493”) and the business models in the field of payment services.
History, Relevant Legislation and Purpose
Law No. 6493 was amended by Law No. 7192 Amending the Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions and Other Laws, which transferred the authority to regulate and supervise electronic money and payment institutions to the CBRT.
Under article 15 of the Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers (“Regulation”), which was published by the CBRT and entered into force on 1 December 2021, payment institutions and electronic money institutions can only engage with payment services for which they have obtained an operating license under article 4 of the Regulation, and they are obliged to obtain a license for other services they may offer.
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