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ARTICLE · 21 JUNE 2021

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Turkish Central Bank Bans The Use Of Crypto Assets In Payment Transactions

ELIG Gürkaynak Attorneys-at-Law
ELIG Gürkaynak Attorneys-at-Law
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ELIG Gürkaynak Attorneys-at-Law

ELIG Gürkaynak Attorneys-at-Law

ELIG Gürkaynak Attorneys-at-Law is an eminent, independent Turkish law firm based in Istanbul. The...

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The Central Bank of the Republic of Turkey recently issued a new regulation which prohibits the use of crypto assets as payments for transactions.

TurkeyTechnology
Gönenç Gürkaynak
Gönenç Gürkaynak
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Ceren Yıldız
Noyan Utkan
Noyan Utkan
Gamze Yalçın
Gamze Yalçın
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The Central Bank of the Republic of Turkey ("Central Bank") recently issued a new regulation which prohibits the use of crypto assets as payments for transactions. The Regulation Prohibiting the Use of Crypto Assets for Payments ("Regulation")1 was published on the Official Gazette dated April 16, 2021 and becomes effective as of April 30, 2021.2

Crypto Asset is defined in the Regulation as, all intangible assets that are digitally created with distributed ledger or similar technology and distributed over digital networks; but, are neither characterised as fiduciary (fiat) money, bank money, or electronic currency, nor as a payment, security, or other capital market instrument.

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