TURKEY’S NEW REGULATION ON CRYPTO ASSETS

Many of our crypto investor Turkish Citizenship by Investment clients have been asking for the Turkish translation of the new regulation.

Here we have translated Turkey’s latest regulation on crypto assets into English. For further information regarding the details of this regulation and explanation, you can read our article here or watch the video. (*For the updated July 2023 article, click here, or watch the video here!)

REGULATION

From the Central Bank of the Republic of Turkey:

REGULATION ON NON-USAGE OF THE CRYPTO ASSETS IN PAYMENTS

Purpose and scope

ARTICLE 1 – (1) Scope of this Regulation is to determine the procedure and principles regarding the following;

• non-usage of crypto assets in payments,
• non-usage of crypto assets in providing payment services and issuing electronic currencies, directly or indirectly
• non-intermediation of Payment and Electronic Currency Institutions, on platforms that provide purchasing, selling, depositing, transferring or issuing of crypto asset services or on the transfer of funds to/from such platforms.

Foundation

ARTICLE 2 – (1) This Regulation is issued based on, Articles 4/3/I/f and 4/4 of the Law on Central Bank of the Republic of Turkey, dated 14/1/1970 and numbered 1211, and Article 12/3 and 18/6 of Law on Payment and Securities Reconciliation Systems, Payment Services and Electronic Currency Institutions dated 20/6/2013 and numbered 6493.

Non-usage of crypto assets in payments

ARTICLE 3 – (1) Within this Regulation, crypto asset means; intangible assets that are digitally issued with the distributed ledger technology or other similar technologies, which are distributed via digital networks, but are not qualified as fiat money, deposit money, electronic currency, payment instrument, securities or capital market instrument.

(2) Crypto assets cannot be used in payments, directly or indirectly.

(3) Services that enable crypto assets as direct or indirect payment methods cannot be provided.

Non-usage of crypto assets in providing payment services and issuing electronic currencies

ARTICLE 4 – (1) Payment Service Providers cannot develop businesses that directly or indirectly use crypto assets in providing payment services and issuing electronic currencies, or provide any service regarding such businesses.

(2) Payment and Electronic Currency Institutions cannot intermediate to platforms that provide purchasing, selling, depositing, transferring or issuing of crypto asset services or on the transfer of funds at such platforms.

Enforcement

ARTICLE 5 – (1) This regulation enters into force on 30/04/2021.

Conduct

ARTICLE 6 – (1) The manager of the Central Bank of the Republic of Turkey enforces the articles of this regulation.

KAAN BEYLEN

Founding Partner

For more information and your queries, you can always contact Kaan.

kaanbeylen@turkfortune.com

E-mail:

info@turkfortune.com

Phone:

+90(546) 577 73 18

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