Fintech Laws and Regulations Turkiye 2023 - Part 1
The fintech landscape in Turkey encompasses various types of fintech businesses, such as payment systems, digital banking, decentralized finance, insurance technologies, and more. The market has seen significant growth, with over 600 active fintech companies reported as of February 2023. The COVID-19 pandemic has accelerated the adoption of digital financial services, particularly contactless payments and online banking. There is also a growing focus on sustainable finance, and regulatory agencies support fintech development. Crypto asset usage for payments is prohibited, but crypto exchanges are currently allowed to operate. Incentive schemes and funding options are available, including angel investors, venture capital, and government loans. IPOs and acquisitions have occurred in the fintech sector. Regulatory frameworks exist for electronic money institutions, payment systems, digital banking, and other fintech activities. Specific regulations for cryptocurrencies or crypto assets are currently under development, and a regulatory sandbox is being established for fintech testing.