The Regulation Amending the Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers Is Published

The Regulation (Amending Regulation) Amending the Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers (Regulation) and the Communiqué on Information Systems of Payment and Electronic Money Institutions and Data Sharing Services of Payment Service Providers in the Field of Payment Services entered into force through their publication in the Official Gazette dated 25.11.2022 and numbered 32024. Significant amendments introduced by the Amending Regulation and Amending Communiqué are summarized below.

• Prior to the Amendment, payment and electronic money institutions operating as of the date of entry into force of the Regulation were obliged to comply with the Regulation within one year from the date of publication of the Regulation, i.e. until 01.12.2022. With the Amending Regulation, the compliance period is extended until 28.02.2023. In accordance with this, the compliance period with the Communiqué is also extended until 28.02.2023 with the Amending Communiqué.
• Pursuant to the Amending Regulation, payment and electronic money institutions shall comply with the provisions on the currency to be used in payments and the prohibition on foreign currency transactions in relation to payment transactions used by payment service providers located in Turkiye and where both parties to the transaction are residents of Turkey until 01.12.2022.