“The Law Regarding Payment And Security Agreement Systems, Payment Services And Electronic Currency Institutions” Governing FinTechs Is Subject To Amendment.
The legislative proposal amending “the Law regarding Payment and Security Agreement Systems, Payment Services and Electronic Currency Institutions” (“the Law”) governing FinTechs has been
- submitted before the Presidency of Grand National Assembly of Turkey (TBMM), and assigned to
- Planning and Budget Commission as Primary Commission,
- Industry, Trade, Energy, Natural Resources, Information Technologies Commission as Secondary Commission.
The Law redetermines two fundamental actors:
- Central Bank of Turkey (TCMB) will be authorized to regulate FinTechs which were previously under the authorization of Banking Regulation and Supervision Agency (BDDK),
- “Professional Association” regarding Payment and Electronic Currency Institutions will be incorporated and thus a membership to the association will be required.
Kindly find below all provisions that are potentially subject to amendment: