Regulation Published by the Central Bank of the Republic of Turkey.
In the Regulation on the Non-Use of Crypto Assets in Payments published by the CBRT, crypto assets; “In the application of this Regulation, crypto assets mean intangible assets that are created virtually using distributed ledger technology or similar technology and distributed over digital networks, but that are not considered fiat money, fiat money, electronic money, payment instruments, securities or other capital market instruments. it will.” is expressed as.
In the said regulation; Payment Service Providers may not develop business models that directly or indirectly use crypto assets in the provision of payment services and issuance of electronic money, provide any services related to such business models, and Payment and Electronic Money Institutions may not purchase, sell, store, transfer or transfer crypto assets. It is regulated that it cannot act as an intermediary to platforms that offer issuance services or to fund transfers to be made from these platforms.
Source: TCMB
Press Release of the Banking Regulation and Supervision Agency..
Known as a virtual currency, which is not issued by any official or private institution and for which no guarantee is given, Bitcoin is not considered as electronic money within the scope of the Law, due to its current structure and operation, therefore, its surveillance and control is not considered possible within the framework of the said Law.
Source: BDDK
Capital Market Announcement..
With the blockchain technology, new investment trends have started to increase in our internet-oriented world. Cryptocurrencies, which are considered as a new alternative to the world of traditional investment instruments, are at the center of the trends. The global trend in cryptocurrencies with high risk and high return is still in its infancy. Investments in this sector before the whole world embraces it are the key to having great returns in the future.
Although they can be divided into many different types in terms of design, digital assets usually represent a share in a company, a right to access a service, a real-life asset, a right to use a product or service. Information on the use of the money collected after the sales process is included in the “white-paper”, a document similar to the prospectus. ICOs are very high risk and speculative investments. For this reason, investors who are considering buying digital assets should be aware of the following risks and examine in detail what is promised in return for the digital asset to be purchased.
global.risks:- • Many of the ICOs, by their nature, are outside the jurisdiction and duty of the regulatory authorities and are not subject to any regulation and surveillance.
- • Similar to cryptocurrencies, excessive volatility can be seen in the values of purchased tokens.
- • The collected money may not be used for the stated purposes.
- • Documents provided by vendors may contain incomplete and misleading information.
- • Since most of the projects funded through such practices are early stage projects, the project may fail and the entire investment may be lost.
Arrangement :
The secondary regulation studies carried out before our Board regarding the procedures and principles regarding the crowdfunding activities to be carried out within the framework of the capital market legislation are continuing. Whether or not the "token sale" practices, which have similarities and differences with public offering and crowdfunding activities, fall within the regulatory limits of our Board will differ on a case-by-case basis. Before the secondary regulations come into effect, all necessary administrative and penal measures will be implemented by our Board regarding the activities to be carried out without permission under the name of crowdfunding. At this stage, crypto asset sales that are likely to be carried out under the name of crowdfunding should not be trusted by investors.
Source: SPK
Financial Crimes Investigation Board Suspicious Transaction Reporting Guide..
FCIB has published the Basic Principles for crypto asset service providers listed in subparagraph (ü) of paragraph 1 of article 4 of the Regulation on Measures Regarding the Prevention of Laundering Proceeds of Crime and Financing of Terrorism.
Source: MASAK