#BankingLaw

[pilawturkey]

Fintech Consultancy in Turkey

FinTech consultancy paves the way for a progressive change in terms of banking, technology and digitalization. An efficient FinTech consultancy will provide the compliance of FinTech-led engagements with national and international law-centric standards and rules. That will directly increase legalized integration of FinTech ecosystem into daily banking.

What is the meaning of FinTech?

The term “FinTech” describes emerging electronic payment methodologies based on the automation and facilitation of payment systems. The word FinTech contains a broad form of money transfer models such as electronic money institutions, payment institutions, digital banks, online insurance agencies, and crowdfunding platforms. The term of “Financial Technology (FinTech)” is used to refer to integration of technology into the exchange of goods and services. FinTech, dedicated to the development of faster and better delivery of financial services, is very different in many ways from traditional financial services.

What is the main objective of Turkish FinTech ecosystem?

The main objective of FinTech ecosystem is to facilitate and accelerate shopping and trade. There are several advantages of alternative virtual payment methods. There is a growing agreement that FinTech will play a substantial role in the payment ecosystems across the world. By virtue of those benefits, as of February 2023, 739 FinTech-led companies have been formed in Turkey according to recent studies by the Presidency of Republic of Turkey as a part of Turkish FinTech ecosystems. That displays the growing impact of FinTech Turkey.

What are main challenges of Turkish FinTech ecosystem?

The usage of FinTech presents a broad range of challenges especially where it touches on the use of crypto-currencies such as bitcoin.  The invention of digital money and digital payment services platforms have newly caused severe problems in capital markets.

Data privacy and the protection of personal information has been a matter of concern in the field of FinTech intellectual property. Data privacy implies the right to make any decision on when, how and to what extent personal and|private information can be communicated to outsiders. Generally speaking, the collection, processing, the supervision, and protection of the confidentiality of personal data are guaranteed by domestic legislation across jurisdictions. The right to data privacy is recognized to cover a broad range of rights including the right to access to their data, a right to portability, a right to be forgotten, and a right to share or not.

For more discussion about data privacy take a look at our article on the Right to Data Privacy and Respect for Private Life

FinTech ecosystem is particularly used for banking and FinTech restructuring services. For more discussion for banking and finance, take a look at our article on Banking and Finance Law in Turkey

What is the most recent developments for the 2024 Turkish crypto business environment?

Regulatory ecosystem has been improved step by step by Turkish policy and law makers. Such revisions will pave the way for adaptation of Turkish legal and operational structure with blockchain. In this context, it is notable that the digital participation banking system is accepted by Turkish lawmakers in Turkey.

As a second step, the recognition of digital wallets was completed through new regulation of the Central Bank of the Republic of Türkiye. In this way, a Digital Wallet Era in Turkey was started in Turkey.

As a third step, we should take into account new facilitating step for Capital Markets system. Indeed,  the 2024 New Electronic Submission System for Turkish Capital Markets was instituted by the Capital Markets Board of Türkiye.

It is critical to note that Turkey accepted its commitment of the full compliance of the emerging capital markets system in line with the Financial Task Force   benchmarks dedicated to the prevention of money laundering and terrorist financing. In line with the FATH principles, as a fourth step, the Law Numbered 7518 on Amendments to the Capital Markets Law Numbered 6362 has been enacted. The Law Numbered 7518 is named as Crypto Law of Turkey and entered into force following its publication in the Official Gazette dated July 2, 2024.

Take a look at our up-to-date article on the 2024 FATF Decision on Turkey

Turkish Capital Markets Board is granted a wide margin of appreciation to govern newly-born blockchain system in Turkey. In this context, fiftly, the first decision on the 2024 Announcement for the Rejected Crypto Asset Platforms was delivered by the Board dated 23 August 2024.

Last but not least, the Resolution by Turkish Capital Markets dated 19 September 2024 was published particularly in relation to the legal status of NFTs and P2Ps in Turkey. The Resolution in question explains the meaning of Non-Fungible Tokens [NFTs] [nitelikli fikri tapu in Turkish] as “crypto assets that will be used to record the representation and ownership of digital assets, a non-replicable and unique nature”. When it comes to Peer to Peer [P2P] [eşler arası in Turkish], it is used to refer to digital marketplaces allowing the buying, selling and exchanging of crypto assets directly between direct|main users.The same Resolution also identifies the standards for the accounts to be opened in the name of customers under Article 35/C. Any account to be opened in the name of customers cannot be used for purposes other than their intended purpose. Additionally, customer cash cannot be received by the platforms, cannot be delivered to the customer by hand and cannot be stored in any way with the platforms.

Which authorities are competent for Turkish FinTech ecosystem?  

The Banking Regulation and Supervision Agency is granted an authority to ensure the compliance of the banking activities in line with the Banking Law and other applicable regulations. According to Article 93 of the Banking Law, the Agency is granted certain powers and duties for the implementation of the Banking Law.

Secondly, the Turkish Revenue Administration carries out certain duties dedicated to regulating payment systems.

Thirdly, the Personal Data Protection Authority, engaging in the protection of personal data processing in line with internationally recognized human rights standards.

Besides, the Payment and Electronic Money Institutions Association carries out a broad range of duties in Turkey under Article 1 of the Law Numbered 6493.

With regard to the design and implementation of FinTech norms applicable in Turkey, take a look at our article on FinTech Guide in Turkey.

What is the role of FinTech consultancy services?

Innovative approach needs to be improved in order to handle current legal challenges regarding FinTech. FinTech consulting firms must be good at producing FinTech legal guidance.

Pi Legal Consultancy provides comprehensive guidance to global digital leaders, companies, business owners and consumers for particularly risky sides of Turkish FinTech ecosystem. Our FinTech legal and business consultants focus on understanding and using specialized software instruments through computers and smartphones.

Our FinTech consultancy service assists our clients particularly in the following areas of expertise:

Electronic money (e-money) and cryptocurrencies, digital foreign exchange platforms,

Digital (participation) banking, electronic payment or loan services,

Data protection and privacy, information security,

The prevention of money laundering,

The prevention of cybercrimes,

Electronic commerce and online shopping,

The protection of the right to copyright and intellectual property.

[soolegal]

CHEQUE BOUNCE CASES AND RECENT AMENDMENTS

For further information, refer to this Article By Adv. Nipun Gautam.

[advocate-paresh-m-modi]

Cheque Return Lawyer near me in Ahmedabad | 9925002031 | Advocate Paresh M Modi | Bank Loan EMI Case Advocate in Ahmedabad

[alrowaadlaw01]

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!

[mishrasatty7]

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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

[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).

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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).

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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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#IFLR1000 #BergtLaw #LegalExcellence #ClientFocused #HighlyRegardedLawyer #BankingLaw #CapitalMarkets #ProjectDevelopment #FinancialServices #liechtenstein

[arab-laws-online-blog]

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

[primeviewmagazine]

Cashfree Payments becomes ISO 27017 and ISO 27018 certified organization.

[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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[arablawsonline]

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

[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.

[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.