#BankingLaw

[pilawturkey]

Introduction

Financial technologies environment has improved very quickly over the last 20 years. This development causes enormous challenges to national and international policy and law makers. This paper will give a brief outline of recent preparations for new Turkish Crypto Law 2024. At the beginning, it is useful to remember what the meaning of FinTech is.  

For a comprehensive discussion on the FinTech Environment in Turkey, take a look at our article on FinTech Guide in Turkey

What is the meaning of FinTech?

The term “FinTech” describes emerging electronic payment methodologies based on the automation and facilitation of payment systems. Indeed FinTech contains a broad range of payment models such as electronic money institutions, payment institutions, digital banks, online insurance agencies, and crowdfunding platforms and blockchain such as crypto currencies. What is really important is that the FinTech environment is mostly dedicated to the development of faster and better delivery of financial services.

For our work and all legal services on the matter of financial technologies, please click our “Practice Areas”, titled, FinTech

For more discussion for banking and finance, take a look at our article on Banking and Finance Law in Turkey

What is the main role of FinTech ecosystem?

The main intention of financial technologies market is to facilitate shopping and trade. There are several advantages of alternative virtual payment instruments. Financial technologies provide numerous tools for individuals.

What is the news on new Turkish Crypto Law 2024?

The draft bill on Turkish Crypto Law 2024 came to the Grand National Assembly of Turkey. Draft on New Turkish Crypto Law 2024 was introduced by Mehmet Şimşek, the Ministry of Treasury and Finance to the Parliament agenda. That step is of utmost importance in the development of the digital era in Turkey. It should be remembered that the previous step for digital technologies was to recognize digital wallets by means of new regulation of the Central Bank of the Republic of Türkiye.

For more observation about digital wallet regulation, take a look at our article on Digital Wallet Era in Turkey

What is the importance of the draft bill on new Turkish Crypto Law 2024?

Main intention of the draft on New Turkish Crypto Law is to provide a compliance of the capital markets system in line with the Financial Task Force standards and principles aiming at the prevention of money laundering and terrorist financing. It is firstly intended to formulate core standards for the definition of crypto asset, crypto asset exchange platform, crypto assets service providers. Secondly, legal obligations will be placed for the certification and licensing of crypto currency service providers. In this context, Central Bank of Republic of Türkiye will be authorized for granting licensing for the establishment and operation. Thirdly, the relevant crypto asset is subject to an approval process by the Scientific and Technological Research Council of Türkiye (TÜBİTAK).

Conclusion 

It would be a little earlier now to make comments on the potential results of the Law. Because it is beyond easy to imagine to what extent all articles in draft will be finalized and adopted by the Parliament. Because Parliament has a direct power to make comprehensive changes and|or rejection of the draft bill completely. Nevertheless, considering that the fundamental objective of policy makers from the draft is to introduce certification and|or licensing and the approval of blockchain instruments in Turkey. In this way, crypto assets will be regarded and recognized as capital markets instruments as well.   

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Explore Al Rowaad's legal blog to gain valuable insights into the complexities surrounding the decline of funds mistakenly deposited to a bank account. Our informative articles shed light on legal aspects, best practices, and potential ramifications. Visit our website for expert analysis and guidance. Take advantage of this essential resource!

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[legalupanishad]

Evolution of the Banking System: All You Need to Know

This article on 'Evolution of the Banking System: All You Need to Know' was written by Shruti Korgaonkar, an intern at Legal Upanishad.

Introduction

Banking is one of the oldest industries in the world. They are regarded as the foundation of a developed economy. The financial infrastructure required for thriving economies is provided by sound financial systems, which are at the forefront of technological development. Since the days of the commodities banks, banking has undergone a substantial transformation, and contemporary financial organisations are constantly evolving to address the most challenging problems. The banking system prevailed before the invention of money, the history of banking and the history of money is intimately intertwined. Grain was the primary material found in deposits at first, followed by other products like cattle, farm equipment, and eventually valuable metals like gold in the form of lightweight compacted plates The first prototype banks of merchants from the ancient world, which are said to have existed in Assyria and Babylonia m around 2000 BC, provided grain loans to farmers and traders transporting products between cities. Later, lenders located in temples offered loans and introduced two crucial innovations: the acceptance of deposits and the changing of money. This occurred in ancient Greece and during the Roman Empire. Ancient Chinese and Indian archaeology from this time period demonstrates the existence of money-lending activity. This article discuss the evolution of the banking system in India from the Vedic Period to nationalisation of 14 major banks on July 19, 1969, and later.

Evolution of the Banking System in India

In India, banking has a history that predates even the Vedic Civilization. For instance, rnapatra or rnalekhya loan deeds were common in the Vedic era. Usury and interest rates were both common in Vedic India. The fact that Manusmriti sets the minimum and maximum interest rates and views money lending above a particular rate as a grievous sin serves as evidence of institutional money lending. However, it establishes several caste-specific ceiling rates. For instance, the interest rate for Brahmins was 24 percent, compared to 36 percent, 48 percent, and 60 percent for Kshatriyas, Vaishyas, and Shudras. Similar to the Vedic period, the Buddhist, Mauryan, and Mughal eras are likewise noted for having produced a variety of these instruments. The Kautilya Arthashastra indicates the existence of bankers during the Mauryan era. The "Adesha" instruments, which are analogous to modern bills of exchange, existed during the Mauryan era. Numerous references to an indigenous financial system that supported the nation's trade and commerce can be found in ancient Indian literature. Since ancient times, bankers by the names of Shroffs, Seths, Sahukars, Mahajans, Chettis, etc. have operated in the industry. These native bankers ranged from shroffs with substantial operations to very minor moneylenders, conducting a large and specialised business that was even greater than that of banks. The British's ascent to power marked the beginning of modern banking in India. After defeating Tipu Sultan, the British solidified their position of dominance and rose to the top of the Indian political hierarchy. The European Agency Houses served as bankers prior to the establishment of the three Presidency Banks. As the Agency Houses had prospered, they also wanted to run Banks. In the 1770s, a renowned agency house named Alexander & Company began overseeing the Bank of Hindustan. It is unknown when exactly that bank was founded. The other Agency Houses in Bengal founded the Bengal Bank and the General Bank of India in the eighteenth century. The Agency Houses floated the Commercial Bank in 1819 and the Calcutta Bank in 1824. These banks were neither legitimate joint stock institutions nor did they have limited liability. They had unrestricted liability and were partnership firms. The 1860 Companies Act was the first piece of legislation to codify limited liability. Up to that point, banks had to either operate under unlimited liability or get a special Charter from the Crown. The Bank of Bengal was founded in 1806 as a successor to the Bank of Calcutta. The Swadeshi Movement, which inspired Indians to launch several new organisations, also served as inspiration for the launch of numerous new banks. During the 1906–13 economic boom, there was a notable growth in the number of joint stock banks. The Bank of India, The People's Bank of India Ltd. During this time, the Bank of Baroda, Indian Bank Ltd., and the Central Bank of India were founded. The Imperial Bank of India Act of 1920 combined the three Presidency Banks in Calcutta, Bombay, and Madras into the Imperial Bank in 1921. Although this bank was not authorised to issue bank notes, it was allowed to run the clearing house and hold government budget balances The Reserve Bank of India was established to serve as the Central Bank with the passage of the Reserve Bank of India Act in 1934. It obtained the ability to print money and served as the government's banker in place of the Imperial Bank. The Imperial Bank was given permission to represent the Reserve Bank of India in locations where there were no Reserve Bank branches, nevertheless.

Evolution of the Banking System: All You Need to Know

NATIONALISATION OF BANKS

The nationalisation of 14 major banks on July 19, 1969, is without a doubt the most significant historical event in India's financial history since independence. As the government believed that. Nationalization was seen as a major step toward achieving the socialistic pattern of society. The nationalised banks were expected to enhance lending to government-important sectors and to use their resources to further the interests of society as a whole. For these banks, a detailed plan of objectives, regulations, management, etc. was created. Nationalization was a realisation of the bank system's capacity to further more general economic goals. The banks needed to go out and broaden their network in order to prioritise mass banking over class banking. The expansion of finance in rural areas was a top priority. The advantages of nationalisation have been significant. The branch network of these banks has virtually covered the entire nation, particularly in rural and formerly unbanked areas.

CONCLUSION

Indian banks have over time altered the nation's depressing financial environment to support its expanding economy. There is no question that the Indian banking sector supports the nation's economy even now. The 2016 demonetization of currency notes is a good illustration. Almost overnight, existing currency notes were destroyed, causing havoc throughout the country. By enabling citizens all around the country to swap obsolete banknotes, banks assisted in the economy's recovery from the blow. The capacity of India's banking sector to sustain a country that is constantly hungry for financial development grows as the sector develops.

REFERENCE

• History of Bankingm Lucknow University, available at: https://www.lkouniv.ac.in/site/writereaddata/siteContent/202004051341563589anurag_sriv_History_banking.pdf • What is earliest evidence of Banking in Ancient India?, GK Today, 27 February 2015, available at: https://www.gktoday.in/topic/banking-in-ancient-india/#:~:text=TheHistoryofBankingin,Kusidinreferstoanusurer Read the full article

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"Can I sue the bank for falsely calling police on me?" #SuingTheBank #WrongfulArrest #BankingLaws #LegalRights 🚨 Can I sue a bank for wrongfully calling the police on me? 🚨 The short answer is yes, you can sue a bank for wrongful actions that lead to your arrest. In the case described, the actions of the United Community Bank teller and subsequent involvement of law enforcement resulted in a traumatic and unjust situation for the individual. In th... Read more: https://mymetric360.com/question/can-i-sue-the-bank-for-falsely-calling-police-on-me/?feed_id=65809

[bergtlaw]

🏆 Bergt Law Recognized in IFLR1000 Rankings for 2023 🏆

We are excited to announce that Bergt Law has been recognized in the prestigious IFLR1000 rankings for 2023 (International Financial Law Review). This accolade serves as a testament to our unwavering commitment to providing top-tier legal services in the realms of banking, project development, capital markets, financial and corporate, and M&A work.

🌟 Areas of Expertise 🌟

Our firm has been particularly lauded for its strong practice in banking, project development, capital markets, financial and corporate, and M&A work. During the research period, we have been actively involved in loan transactions, securitizations, bond issuances, and setting up virtual asset service platforms, among other endeavors (IFLR1000, 2023).

👥 Client Feedback 👥

Our clients have graciously acknowledged our dedication to custom-tailored solutions, proactive approach to legal matters, and commitment to client satisfaction. One client noted, "Bergt Law is a client-focused law firm with a broad range of legal expertise... They take a proactive approach to legal matters and work to anticipate and address potential issues before they become problems". "Team of experienced lawyers, knowledge of industry-specific regulations, strong negotiation skills, experience, they helped us a lot and also saved us from some mistakes during the M&A-process." (IFLR1000, 2023).

🎖 Highly Regarded Lawyer 🎖

We are also thrilled to share that Josef Bergt has been recognized as a "Highly Regarded Lawyer." Clients have praised his strong analytical skills, attention to detail, and ability to develop effective legal strategies as well as his “expertise and knowledge, effective communication, strong advocacy, attention to detail, responsiveness, professionalism, personalized service, results orientation.” (IFLR1000, 2023).

🔗 Strategic Partnerships 🔗

Our firm has established strategic partnerships with experts in various industries, allowing us to provide additional value to our clients. This breadth of expertise enables us to offer comprehensive legal solutions tailored to our clients' unique needs (IFLR1000, 2023).

We extend our heartfelt gratitude to our clients and peers for their continued trust and support. Here's to another year of excellence!

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[arab-laws-online-blog]

Laws for Banking https://translatedubai.ae/online-arab-laws/categories-of-arab-laws/laws-for-banking/

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Cashfree Payments becomes ISO 27017 and ISO 27018 certified organization.

[pilawturkey]

Digital Wallet Era in Turkey 

Introduction

This article seeks to examine the potential impacts of the Digital Wallet Era in Turkey. There is a growing acceptance that Turkey offers business-friendly policies through a deep talent pool and low marketing costs at the border of three continents. Banking and Finance ecosystem has been at the heart of investment in the field of finance. In recent days, an amendment has been made by the Central Bank of the Republic of Türkiye (CBTR). The available paper will clarify the nature of this improvement. 

...

What is the news about that? 

CBTR introduces a new change in the area of digital banking. The Regulation Amending the Regulation on Payment Services and Electronic Money Issuance and Payment Service Providers (hereinafter as the Regulation) was published in the Official Gazette on October 7, 2023. 

The Regulation opens a new era in the area of banking and finance law. Digital wallet is defined for the first time by an official source by Turkey. 

What is a digital wallet? 

Digital wallet is recognized to refer to an electronic payment instrument, online service and application storing the information on payment account and|or payment device recognized by the customer concerned. What is more, a digital wallet entitles the customer to make payments by means of  this information. 

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[alrowaadlaw01]

Check out our legal blog about “How to Resolve Bounce Cheque Dispute in the UAE?”. To know more about Banking Law, consult with the best Lawyers in Dubai & Abu Dhabi, UAE from Al Rowaad Advocates & Legal Consultants - International Law Firms. Contact us today on +97143558000.

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BANKING LAWS https://bit.ly/3kQE3BU

[alketbilawfirm]

When you fail to fill the installment of your credit card or personal loan in UAE either for 3 consecutive or 6 non-consecutive installments, you’re alleged for criminal case by your banker. In such a situation, you can choose to fill a fine on local order to eradicate the criminal charges (only when the previously submitted blank cheque is less than 2,00,000 Dirham). However, this doesn’t mean that the loan liability will also be removed. You will be freed from travel bans, but you will have to bear the payment orders to save yourself from the reposition of travel bans. For detailed information, contact the financial experts at Alketbi.