Regulation on the disuse of crypto assets in payments in Turkey

Apr 16, 2021Administrative Law

Omur Boyu Ehliyet Donemi Sona Erdi

Legal Gazette No: 31456 

16 April 2021 Friday 

REGULATION 

From The Central Bank of the Republic of Turkey:

REGULATION ON THE DISUSE OF CRYPTO ASSETS IN PAYMENTS IN TURKEY

Purpose and Scope

ARTICLE 1   – (1) The purpose of this Regulation is crypto assets to not being used in payments, not to use crypto assets directly or indirectly in the provision of payment services and electronic money issuance, and to establish procedures and guidelines for payment institutions to not being used directly or indirectly to the purchase of crypto assets to storage, transfer or export platforms or platforms that offer the service to mediate the transfer of funds. 

Basis

ARTICLE 2  – (1) This Regulation is prepared on tha basis of Article 4 Paragraph 3 Subparagraph f and Article 4 Paragraph 4 of the Law numbered 1211 of The Central Bank of the Republic of Turkey dated 14 January 1970 and Article 12 Paragraph 3 and Article 18 Paragraph 6 of the Law numbered 6493 of Payment and Security Settlement Systems, Payment Systems and Electronic Money Institutions dated 20 June 2013.  

Disuse of Crypto Assets in Payments

ARTICLE 3 – (1) Due to this Regulation, crypto assets means intangible assets that are created virtually using the distributed ledger technology or a similar technology, distributed through digital networks, and not classified as fiat money, bank money, electronic money, payment instrument, security or capital market instrument.

(2) Crypto assets cannot be used in payments either directly or indirectly.

(3) No service can be provided for direct or indirect use of crypto assets in payments.

Disuse of Crypto Assets in the Provision of Payment Services and the Issuance of Electronic Money

ARTICLE 4 – (1) Payment service providers are not allowed to develop business models involving direct or indirect use of crypto assets for the provision of payment services and the issuance of electronic money, and to provide any services related to such businesses.

(2) Payment electronic money institutions cannot act as an interlocutor either for the platforms providing services of crypto asset trading, storage, transfer, issuance or for the fund transfers made from these platforms. 

Entry into Force

ARTICLE 5 – (1) These measures enter into force on 30 April 2021. 

Executive Power

ARTICLE 6 – (1) The provisions of this regulation are executided by the President of The Central Bank of Turkish Republic.