Regulating payment services and electronic money: A comparative regulatory approach with a specific focus on Turkish legislation

This paper aims to provide a comparative overview and evaluation of various legal frameworks for electronic money and online payment matters by mainly evaluating and comparing U.S., EU and Turkish Law, occasionally making a comparative analysis in terms of conformity as to how EU countries assess or accept European Commission (“the Commission”) regulations. By realizing a comparative study, this paper analyses whether the world, especially the EU is on the right path and moving forward while trying to recover ambiguities and faults in EC Directives. This paper also evaluates new regulations in Turkey in both general and comprehensive aspects, and reveals the importance of small differences in the Law compared to the EC Directives and how these do affect Turkey and can make them better.