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Central Bank cryptoassets decision

Crypto assets cannot be used directly or indirectly in payments, and no services will be provided for the direct or indirect use of these assets in payments.

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The Central Bank of Turkey (CBT), the Regulation on Assets that will not be used in Crypto payment was published in the Official Gazette.

With the regulation, not to use crypto assets in payments, not to use crypto assets directly or indirectly in the provision of payment services and electronic money issuance, and that payment and electronic money institutions do not mediate negotiation, custody, transfer or issuance services. . of crypto assets or transfers of funds from these platforms, in order to determine the procedures and principles.

Cryptographic asset in the implementation of the regulation; Refers to intangible assets that are created virtually using distributed ledger technology or similar technology and are distributed through digital networks, but are not qualified as fiat money, cash, electronic money, payment instrument, securities or other market instrument of capitals.

IT WILL BE EFFECTIVE ON APRIL 30

According to regulation, crypto assets cannot be used directly or indirectly for payments. No service will be provided for the direct or indirect use of crypto assets in payments.

Payment service providers will not be able to develop business models in such a way that crypto assets are used directly or indirectly in the provision of payment services and electronic money issuance, and they will not be able to provide any services related to such business models. Payment and electronic money institutions may not mediate platforms that offer trading, custody, transfer or issuance of crypto assets or fund transfers from these platforms.

The Regulation on the non-use of crypto assets in payments will come into force on April 30.

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