On 16 April 2021, the Central Bank of Turkey published the country's first crypto-asset regulation, styled Regulation on the Use of Crypto-Assets in Payments (“Regulation”), effective 30 April 2021, in Official Gazette numbered 314561.
Notable provisions include:
- Crypto-assets cannot be used, directly or indirectly, to purchase goods and services in Turkey.
- Crypto-assets cannot be used in the provision of payment services or issuance of e-money.
- Intermediary financial services to crypto-asset platforms and service providers, including funds transfers, and custodial, settlement, and issuance services are prohibited.
- Development of financial services business models involving crypto-assets is prohibited.
The full text of the Regulation is available in Turkish at this link.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.