Fintech & payments regulation in Turkey (2026)

Legal framework

Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions (2013, as amended); supervised by the Central Bank of the Republic of Türkiye (CBRT/TCMB) for payment/e-money, and the Capital Markets Board (SPK/CMB) for crypto assets

Key points: digital payments & fintech in Turkey

1. 01Primary law & regulator

   Law No. 6493 (2013) is the principal statute. Law No. 7192 (November 2019) transferred supervisory authority from the Banking Regulation and Supervision Agency (BDDK) to the CBRT effective January 2020, making the CBRT the sole licensor and overseer of payment institutions and electronic money institutions (EMIs).

   loc.gov tcmb.gov.tr

2. 02Payment institution & EMI licensing

   Applicants must be incorporated in Türkiye as joint-stock companies. Minimum paid-in capital is TRY 25 million for payment institutions and TRY 50 million for EMIs. The application fee is TRY 500,000. Licensing involves a three-stage process: pre-assessment, detailed examination, and licence approval by the CBRT.

   chambers.com fintechistanbul.org

3. 03FAST instant-payment rail

   The Instant and Continuous Transfer of Funds (FAST) system launched in January 2021 and operates 24/7. It is owned and operated by the CBRT and settles in central bank money. A CBRT Centre of Payments portal aggregating FAST, open banking, Digital Turkish Lira, and TR QR Code information was launched on 5 December 2025.

   tcmb.gov.tr tcmb.gov.tr

4. 04Open banking

   Account information services (AIS) and payment initiation services (PIS) are regulated under Law No. 6493 and secondary CBRT regulations. AIS-only providers benefit from a lighter-touch licensing track, while PIS providers face the same capital and governance requirements as standard payment institutions. October 2023 amendments formally defined digital wallet services and card-on-file interoperability as open banking services.

   akkaspartners.com finwiseconsulting.com

5. 05Crypto-asset service provider licensing

   On 13 March 2025 the Capital Markets Board (SPK) published Communiqués III-35/B.1 and III-35/B.2, establishing a comprehensive CMB licensing regime covering establishment, governance, capital adequacy, custody, and IT security for crypto-asset service providers. Operators on the CMB's active-entity list were required to apply for an operating licence by 30 June 2025 and must obtain final authorisation by 30 June 2026.

   cms-lawnow.com pekin.com.tr

6. 06AML/KYC & BNPL

   MASAK (Financial Crimes Investigation Board) updated KYC/KYB rules for payment and e-money institutions in late 2024, removing simplified measures and mandating face-to-face or digital identity verification. BNPL products are nascent in Turkey and are not yet subject to a standalone BNPL-specific regulation; they fall under general payment services and consumer credit rules as applicable.

   practiceguides.chambers.com globallegalinsights.com

Timeline of decisions

1. 7 Oct 2023Law · official
   TCMB Regulation Introduces Digital Wallet Licensing and Remote KYC Framework

   The Central Bank published an amendment to the Payment Services Regulation that for the first time formally defined 'digital wallet service' in Turkish law and established remote-identification (eKYC) rules for payment institutions. Providers already offering digital wallets without TCMB authorisation were required to obtain it by 7 September 2024.

   TCMB – Payment Systems Regulations

2. 1 Feb 2023Guidance · official
   TCMB Publishes Open Banking Data-Sharing Guidelines

   The Central Bank issued formal guidelines on data sharing in payment services, implementing the open banking mandate introduced by the 2019 amendment to Law No. 6493. The guidelines specify technical and procedural standards for payment initiation and account information services, aligning Turkey's open banking architecture with EU PSD2 principles.

   TCMB – Payment Services

3. 1 Jan 2022Law · official
   BDDK Digital Banking Regulation Enters into Force, Neobank Licensing Enabled

   The BDDK's Regulation on the Operating Principles of Digital Banks and Service Model Banking (published December 2021) became effective, creating a standalone branchless-bank licence class in Turkey. Digital banks must hold minimum paid-in capital of TRY 1 billion, may only serve retail consumers and SMEs, and cannot open physical branches, establishing Turkey's formal neobank regime.

   BDDK – Official Regulation Text

4. 30 Apr 2021Law · official
   TCMB Bans Use of Crypto Assets in Payments

   TCMB's regulation published 16 April 2021 and effective 30 April 2021 prohibited any direct or indirect use of crypto assets in payment transactions and barred payment and e-money institutions from routing crypto-based settlements. While holding crypto remained legal, the measure excluded crypto entirely from Turkey's licensed payment infrastructure.

   TCMB – Press Release ANO2021-17

5. 18 Jan 2021Decision · official
   TCMB-Only Licensing Regime for Payment and E-Money Institutions Fully Operational

   From 18 January 2021, payment institutions and electronic money institutions could only operate in Turkey under a licence issued directly by TCMB, completing the transfer of supervisory authority from BDDK. The new regime centralised all payment-sector oversight under the central bank and tightened market entry requirements.

   TCMB – Electronic Money Institutions

6. 12 Nov 2019Law · official
   Open Banking (PIS and AIS) Recognised in Law, Amendment to Law No. 6493

   An amendment enacted on 12 November 2019 added payment initiation services (PIS) and account information services (AIS) to Law No. 6493 as fully regulated payment service categories, providing Turkey's first statutory basis for open banking. Technical standards and detailed implementation guidelines were published subsequently by TCMB.

   TCMB – Payment Services Overview

7. 27 Jun 2013Law · official
   Law No. 6493 Enacted, Turkey's Foundational Payments and E-Money Statute

   Turkey enacted Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions (Official Gazette No. 28690), establishing the licensing framework for payment institutions and e-money institutions aligned with EU PSD1 norms, with initial supervision assigned to BDDK. Every subsequent layer of Turkish fintech regulation, from open banking to crypto, builds on this foundation.

   TCMB – Law No. 6493 (Official English Text)

Sources

1. 1.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Core+Functions/Payment+Systems/P
2. 2.loc.gov/item/global-legal-monitor/2019-12-09/turkey-new-law-transfers-oversig
3. 3.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Core+Functions/Payment+Systems/P
4. 4.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Announcements/Press+Releases/202
5. 5.cms-lawnow.com/en/ealerts/2025/03/tuerkiye-introduces-new-crypto-asset-regulations-a
6. 6.pekin.com.tr/2025/03/17/new-regulation-introduced-for-crypto-asset-service-provide
7. 7.chambers.com/articles/providing-payment-e-money-services-in-turkiye-how-to-obtain-
8. 8.akkaspartners.com/en/regulation-amending-the-regulation-on-payment-services-issuance-of
9. 9.practiceguides.chambers.com/practice-guides/fintech-2026/turkey/trends-and-developments
10. 10.globallegalinsights.com/practice-areas/fintech-laws-and-regulations/turkey/
11. 11.fintechistanbul.org/en/2024/02/13/the-path-to-acquiring-a-payment-and-electronic-money-li
12. 12.finwiseconsulting.com/2022/open-banking-regulations-in-turkey-2/