The Law Amending the Law on Payment Services and Electronic Money Institutions has been accepted by the Turkish Parliament

The Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions and Amendments to Certain Laws (the “New Law”) which was submitted to the Turkish Parliament on October 16, 2019, has been accepted by the General Assembly of Turkish Parliament on November 12, 2019. The Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions (the “Law no. 6493”) numbered 6493 is being revised with this New Law consisting of 19 articles, in order to keep up with the developments in various Fintech markets; such as e-commerce, virtual money and open banking. The provisions of the New Law will enter into force as of January 1, 2020 except for the Article 15, which will enter into force 6 months after the New Law’s publication in the Official Gazette. The New Law is expected to be published in the Official Gazette soon.