Turkmenistan Regulates Banking Sector with New Draft Regulation

The Banking Regulation and Supervision Agency (BRSA) has published a draft regulation aimed at promoting card issuers, expanding the number of licensed institutions, increasing service diversity, and developing the country’s card payment ecosystem. The draft regulation is now open for public comment.

Key Changes in the New Regulation

• Prohibits card issuers from issuing cards for domestic use that are linked to foreign card schemes without a Turkish license
• Requires registration of such cards if they are linked to a licensed scheme
• Imposes conditions on including specific card brands

New Requirements for Card Institutions

• Inform customers about the functions, costs, rights, and security features of all card options
• Approve transaction confirmation requests from foreign-based workplaces for operations involving Turkish residents, provided the request comes from an authorized institution in Turkey

Implementation and Exemptions

• The regulation will apply to new cards issued after its effective date
• Existing cards are exempted except for renewals
• Industry players are expected to adapt quickly to the changes and continue their payment services without disruption

Public Comment Period

The full text of the draft regulation is available online. The public has until [date] to provide feedback before it comes into effect.

Note: [Date] refers to the last day for public comment, which should be filled in with the actual date mentioned in the original article.