{"id":4508,"date":"2021-04-16T20:38:47","date_gmt":"2021-04-16T17:38:47","guid":{"rendered":"https:\/\/www.legista.com.tr\/?p=4508"},"modified":"2021-05-03T12:22:19","modified_gmt":"2021-05-03T09:22:19","slug":"crypto-regulation-turkey","status":"publish","type":"post","link":"https:\/\/www.legista.com.tr\/en\/news\/crypto-regulation-turkey\/","title":{"rendered":"Turkey prohibits payments with crypto assets"},"content":{"rendered":"\t\t
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Turkey prohibits payments with crypto assets<\/h2>\n

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<\/p>\n

As per the regulation numbered 31456 published in Official Gazette dated April 16, 2021, the regulation rules to ban the direct and indirect use of crypto assets in payments and prevent any service from enabling the direct and indirect use of crypto assets in payments.<\/p>\n

You can review the details of the relevant regulation via the translation below.<\/p>\n

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REGULATION ON THE DISUSE OF CRYPTO ASSETS IN PAYMENTS IN TURKEY<\/p>\n

Purpose and Scope<\/p>\n

ARTICLE 1 \u2013 (1) The purpose of this Regulation is crypto assets to not being used in payments, not to use crypto assets directly or indirectly in the provision of payment services and electronic money issuance, and to establish procedures and guidelines for payment institutions to not being used directly or indirectly to the purchase of crypto assets to storage, transfer or export platforms or platforms that offer the service to mediate the transfer of funds.<\/p>\n

Basis<\/p>\n

ARTICLE 2 \u2013 (1) This Regulation is prepared on tha basis of Article 4 Paragraph 3 Subparagraph f and Article 4 Paragraph 4 of the Law numbered 1211 of The Central Bank of the Republic of Turkey dated 14 January 1970 and Article 12 Paragraph 3 and Article 18 Paragraph 6 of the Law numbered 6493 of Payment and Security Settlement Systems, Payment Systems and Electronic Money Institutions dated 20 June 2013.<\/p>\n

Disuse of Crypto Assets in Payments<\/p>\n

ARTICLE 3 \u2013 (1) Due to this Regulation, crypto assets means intangible assets that are created virtually using the distributed ledger technology or a similar technology, distributed through digital networks, and not classified as fiat money, bank money, electronic money, payment instrument, security or capital market instrument.<\/p>\n

(2) Crypto assets cannot be used in payments either directly or indirectly.<\/p>\n

(3) No service can be provided for direct or indirect use of crypto assets in payments.<\/p>\n

Disuse of Crypto Assets in the Provision of Payment Services and the Issuance of Electronic Money<\/p>\n

ARTICLE 4 \u2013 (1) Payment service providers are not allowed to develop business models involving direct or indirect use of crypto assets for the provision of payment services and the issuance of electronic money, and to provide any services related to such businesses.<\/p>\n

(2) Payment electronic money institutions cannot act as an interlocutor either for the platforms providing services of crypto asset trading, storage, transfer, issuance or for the fund transfers made from these platforms.<\/p>\n

Entry into Force<\/p>\n

ARTICLE 5 \u2013 (1) These measures enter into force on 30 April 2021.<\/p>\n

Executive Power<\/p>\n

ARTICLE 6 \u2013 (1) The provisions of this regulation are executided by the President of The Central Bank of Turkish Republic.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The content of this post is intended to provide a general information in relation to the subject matter. If you have any question or need a legal assistance arising out of or relating to the subject post, our team is ready to answer your message at the soonest time possible!<\/em><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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