The “Regulation on Not Using Crypto Assets in Payments†published in the Official Gazette dated April 16, 2021 is the first regulation in Turkey in which crypto assets are defined. With this regulation, a number of limitations are brought about crypto assets.
Description:
“Crypto asset; means intangible assets that are created virtually and distributed over digital networks using distributed ledger technology or similar technology, but that are not considered fiat money, fiat money, electronic money, payment instruments, securities or other capital market instruments.
Limitations Introduced:
1- Crypto assets cannot be used as a payment method (directly or indirectly) in Turkey. This limitation is not considered to affect individual agreements.
2- Crypto assets shall not be used directly or indirectly in the provision of payment services and issuance of electronic money.
3- Payment Service Providers (banks, payment institutions and electronic money institutions) will not be able to develop business models in which crypto assets will be used directly or indirectly in the provision of payment services and issuing electronic money, or provide any services related to such business models.
4- Payment and electronic money institutions shall not transfer funds to platforms that offer trading, custody, transfer or issue services related to crypto assets or mediate the transfer of funds from these platforms.