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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.

Exterior of the Takasbank headquarters building

Payment Systems

What is Takasbank?

Takasbank (Istanbul Settlement and Custody Bank) exists to increase the competitiveness of Turkey's markets by providing clearing and custody services, financial services, and other economic activities under the relevant legislation.

BRSA credit card statistics dashboard illustration

Laws & Regulations

What Is the BRSA Credit Card Statistics Application?

It is data published by the BRSA, compiled from information periodically collected through the BRSA Data Transfer System (BVTS) from banks and other institutions under its supervision.

Bill payment intermediation services illustration

Payment Institutions & E-Money

Who Can Act as an Intermediary for Bill Payments?

Bill payment intermediation is a payment service under Law No. 6493. Only the CBRT and payment service providers, namely banks, electronic money institutions, payment institutions and PTT, can offer it.

Bitcoin and electronic money under Law No. 6493

Laws & Regulations

Is Bitcoin Electronic Money Under Law No. 6493?

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.

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.

Bitcoin versus electronic money comparison illustration

Payment Systems

Is Bitcoin Electronic Money?

Electronic money is a legally defined concept in Türkiye under Law No. 6493. Since Bitcoin is not linked to any central bank or official institution and does not meet the required conditions, it cannot be considered electronic money.

Diagram illustrating open banking, where customer financial data is shared with fintech companies through APIs

Payment Institutions & E-Money

What Is Open Banking?

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.