Crowdfunding entered into Turkish law through Article 35/A which
was added to the Capital Markets Law in 2017. The legal basis for
crowdfunding was established through this Article, and the Capital
Markets Board (the "Board") was
authorized to make secondary legislation on this subject.
Subsequently, the Communiqué on Share-Based Crowdfunding
(III-35/A.1) (the "Former
Communiqué") was published by the Board in
2019.
In the Former Communiqué, only share-based crowdfunding
activity was regulated, and debt-based crowdfunding activity was
excluded from the scope. However, the current Crowdfunding
Communiqué (III-35/A.2) (the "Current
Communiqué") was published in the Official
Gazette on 27 October 2021 to amend the Former Communiqué.
Based on the Current Communiqué, debt-based crowdfunding
activity which, in fact, has its legal grounds in Article 35/A of
the Capital Markets Law, was brought into practice. Upon the
Current Communiqué coming into force, entrepreneurs
