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Turkey has published its first crypto regulation

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Turkey crypto regulation ban
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  • The Turkish central bank has struck crypto regulation in Turkey
  • The latest provisions took effect on April 30, 2021, in the Official Gazette
  • The citizen of Turkey are prohibited from using cryptos as payments for goods and services in the country
  • No businesses in Turkey are allowed to use cryptocurrency or such services

Crypto regulation is getting strict globally since cryptocurrency is getting mainstream attention. Stringent regulations in China are one of the reasons behind the current crypto market crash. In recent developments, Turkey has also published cryptocurrency regulation, which is the first of its kind in the country. Indeed, the decree has been set up by the Central Bank of the Republic of Turkey (CBRT). The directive is styled on the use of digital assets in payments. And the law took effect on April 30, 2021, in the Official Gazette numbered 314561.

Turkish CBRT has published crypto regulation

The CBRT has released the first crypto regulation of Turkey. The rules include four provisions, among which the first four are noteworthy. However, the latest released provisions are going to hurt the Turkish crypto industry. Furthermore, the provisions of the crypto regulation are known to be executed by the President of the Turkish central bank.

Turkish citizens cannot use cryptocurrency for payments

The first point of the provisions has clearly mentioned that Turkish citizens cannot use cryptocurrency directly in exchange for goods and services in the country. Secondly, the central bank has also clarified that the citizens will not use cryptocurrency as payment services. Moreover, the residence also cannot issue e-money.

In the third provision, the central bank has mentioned that cryptocurrency is an unqualified intangible asset. Following the fact, such assets cannot be used by the citizen for payments. Moreover, no services will be offered to use digital assets as a method of payment.

No crypto-related business models

The fourth provision is snatching the right from the local business involving cryptocurrency in their firms. The central bank has stated that the industry can include cryptocurrency directly or indirectly as a payment method. Moreover, no organizations can offer services related to such business models. On the other side, the fourth provision’s part 2 mentioned that payment institutions could not mediate on crypto-related platforms. Such platforms include trading, custody, transfer, and other related services.

Hence after China, Turkey has cleared its stance over virtual assets. And now, there is another country with strict regulations on cryptocurrencies. Therefore, Turkish citizens cannot use digital assets as a method of payment in the country.

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