The electronic money license of Papara has been revoked.

Important Information About the Cancellation of Papara's Operating License

The Central Bank of the Republic of Turkey has made a significant decision regarding Papara Elektronik Para A.Ş., by canceling its authority to issue electronic money in accordance with the Banking Regulation and Supervision Agency's Decision No. 6862 dated April 21, 2016, pursuant to the articles 15 and 18 of the Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions.

Reasons Behind the Cancellation

This cancellation came after a comprehensive review of how well Papara complied with the existing regulations. The Central Bank takes significant steps to maintain market stability and enhance user safety by implementing such regulations.

The Future of Papara and Sectoral Effects

The cancellation of Papara's operating license will affect not only the company's operations but also Turkey's electronic money ecosystem. For other payment institutions and cryptocurrency platforms, this situation serves as an important indicator of how strictly regulations will be enforced.