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Turkiye: Implemented Amendment to Regulation on Payment Services and the Issuance of Electronic Money including regulation of digital wallets

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Description

Implemented Amendment to Regulation on Payment Services and the Issuance of Electronic Money including regulation of digital wallets

On 7 October 2023, the Amendment to Regulation on Payment Services and the Issuance of Electronic Money issued by the Central Bank of the Republic of Turkiye (CBRT) came into force. Notably, the Amendment Regulation introduces regulation for regulated digital wallet services which may only be provided by payment service providers. In addition, digital wallet service providers are required to obtain a license from the CBRT to operate.

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Scope

Policy Area
Authorisation, registration and licensing
Policy Instrument
Operational license requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
executive
Government Body
central bank

Complete timeline of this policy change

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2023-10-07
in force

On 7 October 2023, the Amendment to Regulation on Payment Services and the Issuance of Electronic M…