Recent Developments

The Regulation Amending the Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers was published in the Official Gazette on November 25, 2022. Please refer to our legal alert dated December 3, 2021 for recent changes to payment services regulations.

What’s New?

The deadline to comply with the new Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers (“Regulation“) is now extended.

In this respect, the one-year period for compliance is now extended to February 28, 2023, with the exceptions detailed below. Services providers are still required to comply with Article 15 of the Regulation on foreign exchange trading and Article 66 on currencies to be utilized in payments by December 1, 2022.