Newsletter Regarding the Amendment to The Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers
With the Communiqué on Re-determination of Minimum Equity Amounts of Payment and Electronic Money Institutions (“Communiqué”) published in the Official Gazette dated 22.01.2022 and numbered 31727 amendment has been made in the first paragraph of Article 33 titled “Minimum equity liability and professional liability insurance” of Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers (“Regulation”), which came into force with the publication of the Official Gazette dated 01.12.2021 and numbered 31676.
With this amendment, the minimum equity liability amounts have been determined as follows:
- Five and a half million Turkish Liras for payment institutions that perform the payment service specified in subparagraph (e) of the first paragraph of Article 4 of the Regulation,
- Nine million Turkish Liras for other payment institutions, excluding those that offer the payment service exclusively in subparagraph (g) of the first paragraph of Article 4 of the Regulation,
- Twenty-five million Turkish Liras for the electronic money institution.
This amendment made in the regulation will be in effect as of 01.04.2022.