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Turkey Passes Amendment on Payment Services Legislation to Welcome Open Banking
In parallel with the enactment of the PSD2, Turkey has long been expected to act in accordance with the new legislative trend and adapt its legislation in line with the latest developments. The legislative amendments, which will come in force on 1 January 2020, have amended the Law No. 6493 on Payment and Security Settlement Systems, Payment Services, and Electronic Money Institutions and other relevant legislation, established the legal framework for open banking, replaced the BDDK with the TCMB as the regulatory and supervisory institution for payment and e-money services, and required all payment and e-money services providers to become a member to the newly established TÖDEB, a public professional organization.
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