With the Regulation on Payment Services and E-Money Issuance and Payment Service Providers published on 1 December 2021, the Regulation on Payment Services and E-Money Issuance and on Payment Institutions and E-Money Institutions, published in the Official Gazette No. 29043 dated 27/6/2014, and the Communiqué on the Management and Audit of Information Systems of Payment Institutions and E-Money Institutions, published in the Official Gazette No. 29043 dated 27/6/2014, have been repealed.
With this regulation, the e-money and payment institutions system has changed almost from the ground up and been given a new structure.
With this regulation, becoming an e-money institution or a payment institution has gone beyond being an individual undertaking and has taken on the form of structures to be established by corporate firms.
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Minimum equity requirement and professional liability insurance
ARTICLE 33 – (1) The institution's equity is calculated as of the end of June and December, in accordance with the procedures and principles specified in Article 32. The calculated equity cannot be less than three million Turkish Liras and the minimum equity amount calculated according to the third paragraph for payment institutions that exclusively perform the payment service specified in subparagraph (e) of the first paragraph of Article 4; five million Turkish Liras and the minimum equity amount calculated according to the third paragraph for other payment institutions, except those that exclusively provide the payment service in subparagraph (g) of the first paragraph of Article 4; and thirteen million Turkish Liras and the minimum equity amount calculated according to the sixth paragraph for an e-money institution. The amounts of three million Turkish Liras, five million Turkish Liras and thirteen million Turkish Liras specified in this paragraph are reassessed by the Bank every year in January, taking into account the annual changes in the price indices published by the Turkish Statistical Institute.”
The regulations contain points that must be examined carefully by payment and e-money institutions that are already operating as well as those that wish to obtain an operating license.
To access the new communiqué:
https://www.resmigazete.gov.tr/eskiler/2021/12/20211201-1.htm
