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Laws & Regulations
The information and documents required in license applications to provide payment services or issue electronic money in Türkiye are listed in the first and second paragraphs of Article 8 of the Regulation.
Laws & Regulations
No. Bitcoin is not issued by any public or private institution and has no guaranteed backing, so it is not considered electronic money under Law No. 6493 and cannot be supervised under that Law.
Laws & Regulations
No. Companies whose shareholders are foreign individuals or legal entities can also apply for an operating license, provided documents on foreign shareholders are submitted in line with Article 61 of the Regulation.
Laws & Regulations
In Türkiye, banks within the scope of Banking Law No. 5411 and electronic money institutions licensed under Law No. 6493 can issue electronic money.
Laws & Regulations
No. Law No. 6493 sets no minimum number of shareholders, so under Turkish Commercial Code No. 6102 a payment or electronic money institution can be set up with a single shareholder.
Laws & Regulations
If a person with no prior direct or indirect stake in a payment institution acquires less than 10% of its capital, no approval is required. Acquiring 10% or more, or shares granting board nomination privileges, requires approval.
Payment Institutions & E-Money
The BRSA is the Banking Regulation and Supervision Agency, an autonomous agency that protects savers' rights, ensures banks operate soundly and securely, and contributes to the long-term growth and stability of Turkey's economy.
Payment Systems
All payment and electronic money institutions operating in Türkiye fall under the relevant regulation. A license from a foreign authority is not enough; a foreign institution must obtain a license from the Central Bank.
Laws & Regulations
The Equity-Based Crowdfunding Communiqué entered into force with its publication in the Official Gazette on 03.10.2019 and explains how money is raised from the public through crowdfunding platforms in exchange for shares. What are crowdfunding and equity-based crowdfunding?
Laws & Regulations
An electronic money institution can carry out the activities of a payment institution, but a payment institution has no authority to issue electronic money. So a payment institution cannot carry out an e-money institution's activities.
Payment Institutions & E-Money
Used as an abbreviation for Application Programming Interface, an API is an interface that allows an application's functions to be accessed and used from outside or remotely, letting an application on a server be reached from different platforms.
Payment Institutions & E-Money
Open banking means sharing customers' financial information with a third-party fintech company so that a range of banking and financial services can be offered to them. It works through API integrations. This post covers its status in Turkey and the new BRSA regulation.