Crowdfunding In Turkey

Introduction

The Law Amending Certain Tax Laws and Certain Other Laws under law no. 7061 ("Omnibus Law") published in the Official Gazette dated 5 December 2017 and numbered 30261, has the purpose to amend the tax legislation alongside the other legislation, such as Capital Markets Law No. 6362¹ ("Capital Markets Law"). With the amendments to the Capital Markets Law, crowdfunding has been legally accepted. Respective provisions regarding crowdfunding are entered into force as of publication of the Omnibus Law. As previously mentioned within the article named the Draft Law on Crowdfunding^[2], by the enactment of the provisions of crowdfunding, the legislator has aimed to achieve to keep the crowdfunding platforms in a free market, simultaneously bringing about protection mechanisms. This article will mainly focus on the innovations introduced under the Capital Markets Law with respect to crowdfunding.