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A wide range of financial services and activities are regulated in Turkey. In order to be incorporated and conduct financial activities, financial institutions must obtain approval from relevant regulators (including the CBRT, the Capital Markets Board, and the Treasury). According to Law No. 6493, licensing requirements apply in all cases involving the provision of payment and e-money services. It is a highly regulated market with significant entry barriers. Providers of payment and e-money services must be licensed by the CBRT in order to offer these services. It is only possible to incorporate a licensed entity to offer payment services if it is incorporated as a financial institution that complies with Turkey's banking legislation (namely the Banking Law (Law No. 5411)), an e-money institution or a payment services company.1
Turkish legislation does not specifically regulate automated digital advisory, but if the advisory services are in relation to regulated financial activities, regardless of their form, digital or in person, these advisory services may be subject to authorisation or exemption, depending on their type and content.1
In accordance with the Regulation on Independent Audits of Information Systems and Business Processes, which was published in the Official Gazette on 31 January 2022, independent audit firms authorised within the scope of the Regulation shall audit the information systems and business processes of institutions under BRSA supervision and control.1
