Amendment To The E-Money And Payment Services Regulation

The Regulation on Payment Services and Issuance of Electronic Money and Payment Institutions and Electronic Money Institutions ("Regulation") based on the Law on Payment and Securities Settlement Systems, Payment Services and Electronic Fund Institutions No. 6493 ("Law") was amended with the Regulation Amending the Regulation on Payment Services and Issuance of Electronic Money and Payment Institutions and Electronic Money Institutions ("New Regulation"), which was published in the Official Gazette on October 12, 2018. The amendments entered into force on the same day.

In a nutshell, the significant amendments introduced by the New Regulation are as follows:

• The Turkish Post Office (i.e., "Posta ve Telgraf Teşkilatı Anonim Şirketi") has been designated as an electronic money issuing institution and as a payment services provider.