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Certain amendments have been introduced to the Regulation on Payment Services, Electronic Money Issuance and Payment Service Providers (the “Regulation”) through the amendment published in the Official Gazette dated 19 March 2026 and numbered 33201. These amendments particularly cover provisions regarding the safeguarding of payment funds and funds collected in exchange for electronic money, as well as the principles applicable to their placement in yield bearing accounts.
Pursuant to the amendment to the Regulation, except for accounts opened in foreign currency, balances held in payment and electronic money safeguarding accounts may now be placed in yield bearing accounts maintained with the relevant banks. It is expressly stipulated that such funds may not be used for any purpose during the period in which they are held in such accounts, and that no yield may be generated on these funds where the operating licence of the payment institution or electronic money institution has been temporarily suspended. In addition, the hours used as the basis for calculating the end-of-day balance of the electronic money safeguarding account have also been amended. Another notable change is that the amendment makes clear that the preservation of principal is essential in overnight yield-bearing transactions, and that only low-risk and liquid assets may be used in connection with such transactions.
These amendments to the Regulation entered into force as of 19 March 2026.
The most notable aspect of the amendment to the Regulation is that, particularly for electronic money institutions, it introduces, for the first time, an explicit opportunity for Turkish Lira balances held in safeguarding accounts to be placed in yield-bearing accounts. In this respect, while preserving the core rationale of the safeguarding regime, the amendment allows idle funds to be utilized within certain limits and subject to safeguarding mechanisms.
You may access the relevant amendment to the Regulation through this link
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
