Turkey : New E-Money Legislation Up and Running

On 27 and 28 June 2014, almost exactly one year after having enacted a brand new regime governing electronic money, the Turkish legislator has issued the secondary legislation completing this new legal regime and published it in the Official Gazette. The secondary legislation mainly includes the Regulation on Payment Services Issuance of Electronic Money and Payment Institutions and Electronic Money Institutions, the Communiqué on Payment Institutions and Governance and Supervision of Information Systems of Electronic Money Institutions, the Regulation on Activities of Payment and Security Settlement Systems, and Regulation on Supervision of Payment and Security Settlement Systems.This article delves into the background of the new legislation and provides an overview of the key issues surrounding the e-money legislation