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Turkey Changes Payment Services Legislation

The long-awaited draft bill regarding the Amendments to the Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions (the "Amending Law on Payment Services") has recently been enacted by the Grand National Assembly of Turkey. The amendment meets the need to consolidate payment practices and ensures compliance with the EU’s Payment Services Directive 2 (the "PSD2").

The Amending Law on Payment Services which has entered into force on 1 January 2020, introduces changes to the regulation of payment services and electronic money legislation to align the national legal framework with the PSD2 and address new payment services emerged with the rapid change in information services.