The first crypto asset-related regulation of Turkey has been published: Payment institutions will no longer engage in crypto-related transfers

The first crypto asset regulation in Turkey was published in the Official Gazette on April 16, 2021. The Regulation confirms that are crypto assets are not regarded prohibited goods and allows for the purchase, sale, offering, transfer or custody of crypto assets via platforms (i.e. crypto asset exchanges) providing such services. 

The Regulation does ban:

• direct or indirect use of crypto assets in payments;
• direct or indirect use of crypto assets in payment services and issuance of electronic money; and
• payment and electronic money institutions’ intermediating activities for fund transfers to or from the platforms providing purchase and sale, custody, transfer or offering of crypto assets will be banned.

Click here to access more information on this topic from Fatoş Otcuoğlu, Junior Partner at Pekin Bayar Mizrahi, in alliance with Norton Rose Fulbright in Turkey.