Article 33/1 of the Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers ("Regulation"), which entered into force upon its publication in the Official Gazette dated 1 December 2021 and numbered 31676, has been updated through the revaluation of the minimum equity amounts of payment institutions and electronic money institutions; these updated amounts were published by the Central Bank of the Republic of Türkiye in the Official Gazette dated January 28, 2023 and numbered 32087, with the Communiqué on the Redetermination of Minimum Equity Amounts of Payment and Electronic Money Institutions ("Communiqué").
The Communiqué will enter into force on 30 June 2023.
Updated minimum equity amounts with the Communiqué are as follows:
- In the event of services for mediation of invoice payments being offered, the minimum equity amount, which was TRY 5,500,000 in 2022, will be TRY 7,000,000 as of the second half of 2023.
- For other payment institutions, except for those that exclusively provide the service of presenting consolidated information regarding one or more payment account of the payment service user held by payment service providers on online platforms, the minimum equity amount, which was TRY 9,000,000 in 2022, will be TRY 15,000,000 as of the second half of 2023.
- For electronic money institutions, the minimum equity amount, which was TRY 25,000,000 in 2022, will be TRY 41,000,000 as of the second half of 2023.
You can access the Communiqué in Turkish through this link.
Information first published in the MA | Gazette, a fortnightly legal update newsletter produced by Moroglu Arseven.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
