Newsletter Regarding the Changes Introduced by the Regulation on the Amendment of the Regulation on Payment Services and the Issuance of Electronic Money, and Payment Service Providers, and the Communiqué on the Amendment of the Communiqué on Information Systems of Payment and Electronic Money Institutions and the Data Sharing Services in the Field of Payment Services by Payment Service Providers

Several changes have been introduced to the: (i) Regulation on Payment Services and the Issuance of Electronic Money, and Payment Service Providers (the “Regulation”) by the Regulation on the Amendment of the Regulation on Payment Services and the Issuance of Electronic Money, and Payment Service Providers (the “Amendment Regulation“), and (ii) Communiqué on Information Systems of Payment and Electronic Money Institutions and Data Sharing Services in the Field of Payment Services by Payment Service Providers (the “Communiqué“) by the Communiqué on the Amendment of the Communiqué on Information Systems of Payment and Electronic Money Institutions and Data Sharing Services in the Field of Payment Services by Payment Service Providers (the “Amendment Communiqué“), as published in the Official Gazette dated 28.09.2024 and numbered 32676. These changes, in a nutshell, are:

• The payment service providers, who are not among the first ten participants in terms of account payment transactions in the payment systems operated by the Central Bank of the Republic of Turkey (“CBRT”) and who hold payment accounts, shall fulfil their obligations regarding the establishment of infrastructure and measures against unauthorized access until March 31, 2025.

• The deadline for applying to the CBRT and obtaining the necessary licenses for the persons providing digital wallet services who could be classified as payment or electronic money institutions but do not yet have an operating license has been extended to April 7, 2025.

• Institutions that only provide digital wallet services are required to comply with Article 4/A of the Regulation, which governs the procedures and principles of digital wallet services, by the April 7, 2025.

• In addition to the amendment made to the Regulation, the Amendment Communiqué stipulates that other payment service providers, who are not among the first ten participants and hold payment accounts, must fulfil their obligations under the Communiqué by March 31, 2025.