REGULATION ON CRYPTO ASSETS

April 16, 2021 date and the Official Gazette No. 31456 Central Bank of the Republic of Turkey ("CBT") by the payment to enter into force on April 30, 2021 Regulation on the Use of Crypto Assets ("Regulation") were published.

With the Regulation, not to use crypto assets in payments, not to use crypto assets directly or indirectly in the provision of payment services and electronic money issuance, and payment and electronic money institutions do not mediate the platforms that offer trading, custody, transfer or issuance services for crypto assets or transfers of funds from these platforms. related procedures and principles have been arranged.
 

In the Regulation, crypto assets were defined for the first time. Accordingly, the crypto asset; It refers to intangible assets that are created virtually using distributed ledger technology or a similar technology and distributed over digital networks, but that are not qualified as fiat money, cash, electronic money, payment instrument, security, or other capital market instrument.

The arrangements made are as follows;

• Crypto assets cannot be used directly or indirectly for payments.

• No service is offered for direct or indirect use of crypto assets in payments.

• Payment service providers cannot develop business models in a way that crypto assets are used directly or indirectly in the provision of payment services and electronic money issuance and cannot provide any services related to such business models.

• Payment and electronic money institutions cannot mediate on platforms that offer trading, custody, transfer or issuance services for crypto assets or fund transfers from these platforms.