Regulation on Not Using Crypto Assets in Payments is published
Pursuant to the Regulation on Not Using Crypto Assets in Payments (“Regulation”) published in the Official Gazette dated 16.04.2021 and numbered 31456, the definition of crypto asset is introduced for the first time under Turkish law and the usage of them in payments is prohibited.
The rules introduced by the Regulation are summarized below:
- Crypto asset is defined as intangible assets that are created virtually by 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 other capital market instrument.
- Direct or indirect usage of crypto assets and providing services in this regard is prohibited.
- Moreover, payment service providers are prohibited from developing business models which directly or indirectly use crypto assets in providing payment services and issuance of electronic money, and providing any kinds of services to such business models.
The Regulation enters into force on 30.04.2021. You may find the Turkish version of the Regulation here.
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