"E-money institution"

50 articles found

Document cover of the BRSA circular on the report format under Article 8 of the payment services regulation

Payment Institutions & E-Money

What Is the Circular on the Report Format under Article 8 of the Regulation on Payment Services and E-Money Issuance and Payment Institutions and E-Money Institutions? How Can It Be Accessed?

Under Law No. 6493, payment institutions and e-money institutions may operate only with BRSA permission. This post explains the BRSA circular on the format of the independent audit report required with operating permit applications under Article 8 of the Regulation, and where to find it.

March 19, 2021

Cross-border electronic money distribution illustration

Laws & Regulations

Can Distributors in Türkiye Sell E-Money Issued by a Licensed European Electronic Money Institution?

No. An institution issuing electronic money in Türkiye must be a joint-stock company established in Türkiye and licensed by the Board, even if it already holds a license in its home country in Europe.

May 31, 2020

Risk management and internal control separation of duties

Laws & Regulations

Can the Same Staff Run Both Risk Management and Internal Control at Payment and E-Money Institutions?

Payment and electronic money institutions must set up internal control and risk management units, each with at least one dedicated employee. The same person cannot carry out both functions.

May 30, 2020

Illustration of tax and commission calculation for e-money institution payment services

Merchant & POS

How Are Taxation and the Tax Base Determined for Payment Services Related to E-Money Issuance?

When payment and e-money institutions were first set up, their commissions were subject to VAT, but BSMV was also debated. General Communiqué on Expenditure Taxes (Serial No: 91) settled the issue; here is how the tax base is determined.

May 7, 2020

Illustration representing capital requirements for establishing a payment or e-money institution

Payment Institutions & E-Money

How much capital is required to establish a payment institution or e-money institution?

How much capital is required to establish a payment institution or e-money institution? Under the second paragraph of Article 14 of Law No. 6493, minimum paid-in capital amounts are set for each institution type.

March 13, 2020

Illustration of the requirements for becoming a representative of a payment institution or e-money institution

Payment Institutions & E-Money

What are the requirements to become a representative of a payment institution or e-money institution?

The requirement for natural and legal person representatives is set out in Article 13(7) of the Regulation and refers to Article 8(1)(d) of Law No. 5411, which excludes persons convicted of certain offenses.

March 13, 2020

Prepaid cards issued by e-money institutions

Debit Card

What Are the Cards Issued by E-Money Institutions and Their Transaction Fees?

The use of prepaid cards, and the number of prepaid cards issued by e-money institutions, has risen sharply. This post looks at why, how to choose a card, and which fees prepaid cards charge.

July 4, 2019

Cryptocurrency coins illustrating the regulation on the non-use of crypto assets in payments

Merchant & POS

How Should We Interpret the Regulation on the Non-Use of Crypto Assets in Payments?

The Regulation on the Non-Use of Crypto Assets in Payments, published in the Official Gazette on 16 April and effective from 30 April, looks set to seriously affect cryptocurrency developments in Turkey. Here are its key points and the full text.

April 16, 2021

Illustration of Law No. 7192 changes to payment services, e-money and open banking

Payment Systems

What Is Law No. 7192 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions? What Does It Change?

Law No. 7192 amends Law No. 6493 and brings changes on payment services, e-money and open banking, including the transfer of regulatory and supervisory powers from the BRSA to the CBRT and the addition of PSD2-style services.

January 20, 2021

Illustration for the establishment of the Payment and Electronic Money Institutions Association of Turkey

Payment Institutions & E-Money

The Payment and Electronic Money Institutions Association of Turkey Is Being Established

Under the Law on Payment Services and Electronic Money Institutions, the organs, duties and powers, and working principles of the Payment and Electronic Money Institutions Association of Turkey have been determined. The statute is now in force.

June 30, 2020

Screenshot of the Official Gazette announcing Law No. 7192 on payment and securities settlement systems

Laws & Regulations

What Is Law No. 7192 and What Does It Include?

Law No. 7192 amends certain articles of Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions. Announced on 22 November 2019, it entered into force on 01.01.2020.

May 25, 2020

Illustration of BSMV, the Banking and Insurance Transaction Tax

Laws & Regulations

What is BSMV?

BSMV stands for Banking and Insurance Transaction Tax, levied on banking and insurance transactions. This post explains how it applies to payment institutions and e-money institutions under Expense Taxes General Communiqué No. 91, with an example.

May 23, 2020