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Payment Institutions & E-Money
In general, electronic money is monetary value stored on a protected technological device. Turkish law defines it under Law No. 6493 as electronically stored value issued against funds and accepted by third parties as a means of payment.
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
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
No. Virtual currency is a digital representation of value not issued by any central bank, credit institution or e-money institution. Electronic money is defined in Turkish law and is tied to an electronic money institution.
Payment Systems
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.
Laws & Regulations
In Türkiye, collecting payments requires a payment institution license and issuing e-money requires an e-money institution license. Article 28 of Law No. 6493 sets prison terms and fines for operating without one.
E-commerce
Expenditure Taxes General Communiqué No. 91 ended the VAT versus BSMV debate for payment and e-money institutions. Under Article 7, e-money institutions pay BSMV on the commissions they collect.
Laws & Regulations
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.
Payment Systems
All electronic money institutions are authorized to issue electronic money under Law No. 6493. The payment services each one is licensed to offer are listed in the table published by the CBRT.
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.
Payment Institutions & E-Money
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.
Laws & Regulations
The purpose of Law No. 6493 is to regulate the procedures and principles for payment and securities settlement systems, payment services, payment institutions and electronic money institutions.