Areas Of Practice

The development of technologies and the increasing integration of economies with each other have led to the emergence of new payment methods in the financial world, which differ from traditional payment systems. Electronic money and payment institutions, which are the main elements of the Fintech world, aim to compete with traditional financial methods in financial services. Efficient payment systems with safe and innovative payment methods are spreading in the monetary base.

 

The world of fintech is changing the rules of the game for financial institutions, merchants, and consumers with these developments. However, all these innovations are regulated by the regulatory authorities, and the rules that the players of the sector have to abide by are determined by legislation. Thus, even the central governmental authority in this area was changed, and since January 1st, 2020, The Central Bank of the Republic of Turkey took BDDK’s place as the central authority.

 

In this context, there is still no established set of norms in this field, which we can call "new,” and with the development of the sector, regulation studies continue, and the legislation is constantly updating itself. We guide our clients in the complex and ever-changing legal and regulatory environment and collaborate to move their businesses forward.

 

Multiple codes regulate the sector, especially Law numbered 6493 on Payment and Securities Consensus Systems, Payment Services, and Electronic Money Institutions, which directly regulates electronic money and payment systems. In addition to this, the sector is also directly related to MASAK legislation, Tax Procedure Law, and Competition Law in terms of its field of activity.

 

Our Law Office provides all the legal consultancy support needed to continue the activities, starting from obtaining a license for the companies operating or planning to operate in the field of electronic money and payment systems.