RegAlert

Rule · CBRT · 20 May 2021

Regulation on the Disuse of Crypto Assets in Payments

In force from 30 Apr 2021Applies to: Payment service provider, E-money issuer
crypto
payments

Payment service providers must not develop business models that directly or indirectly use crypto assets in providing payment services or issuing electronic money, or offer related services; payment and electronic money institutions must not intermediate fund transfers from and to platforms trading, custodying, transferring or issuing crypto assets. Crypto assets must not be used directly or indirectly in payments, and no services involving such use may be provided. The Regulation enters into force on 30/04/2021.

TurkeyCentral Bank of Republic of Turkey

REGULATION ON THE DISUSE OF CRYPTO ASSETS IN PAYMENTS

Publication Date/No: 16.4.2021 / 31456

Objective and scope

ARTICLE 1 – (1) The objective of this Regulation is to regulate the procedures and principles regarding the disuse of crypto assets in payments, the disuse of crypto assets directly or indirectly in the provision of payment services and in the issuance of electronic money, and the non-intermediation by the payment and electronic money institutions for the fund transfers from and to the platforms providing services of trading, custody, transfer or issuance related to crypto assets.

ARTICLE 2- (1) This Regulation has been prepared pursuant to sub clause (f) of clause (I) of the third paragraph and the fourth paragraph of Article 4 of the Law on the Central Bank of the Republic of Turkey No. 1211 dated 14/01/1970, and the third paragraph of Article 12 and the sixth paragraph of Article 18 of the Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions No. 6493 dated 20/06/2013.

Disuse of crypto assets in payments

ARTICLE 3- (1) In the implementation of this Regulation, crypto asset refers to intangible assets that are created virtually using distributed ledger technology or a similar technology and distributed via digital networks, but are not classed as fiat money, deposit money, electronic money, payment instrument, securities, or other capital market instruments.

(2) Crypto assets shall not be used directly or indirectly in payments.

(3) No services shall be provided that involve the use of crypto assets directly or indirectly in payments.

Disuse of crypto assets in the provision of payment services and in the issuance of electronic money

ARTICLE 4- (1) Payment service providers shall not develop business models that directly or indirectly use crypto assets in the provision of payment services and in the issuance of electronic money, and they shall not provide any services related to such business models.

(2) Payment and electronic money institutions shall not intermediate the fund transfers from and to the platforms providing services of trading, custody, transfer or issuance related to crypto assets.

Enforcement

ARTICLE 5 – (1) This Regulation shall enter into force as of 30/04/2021.

Execution

ARTICLE 6 – (1) The provisions of this Regulation shall be enforced by the Governor of the Central Bank of the Republic of Turkey.

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Annotations and obligations
4 obligations · 3 definitions
  • Obligation 4
  • Definition / condition 3
  • background, boilerplate

Lineage: No known changes

RegAlert holds no document that amends or replaces this one. This is not a check that it is in force: confirm with the regulator.

Law on Payment and SecuritiesSettlement Systems, Payment Servi…2013 · CBRTLaw on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions (2013-06-20)Law on the Central Bank of theRepublic of Turkey No. 1211 dated…Not in RegAlertLaw on the Central Bank of the Republic of Turkey No. 1211 dated 14/01/1970 — Not in RegAlertRegulation on the Disuse ofCrypto Assets in Payments2021-05-20 · this documentRegulation on the Disuse of Crypto Assets in Payments (2021-05-20)
amendssupersedesissued underrefers todashed card: not in RegAlert (or proposed)arrows run from the older text to the one that changes it
The links and the sentences they come from (2)
Issued under
  • Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions2013 · CBRT

    “and the third paragraph of Article 12 and the sixth paragraph of Article 18 of the Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions No. 6493 dated 20/06/2013.”

  • Law on the Central Bank of the Republic of Turkey No. 1211 dated 14/01/1970Not in RegAlert

    “This Regulation has been prepared pursuant to sub clause (f) of clause (I) of the third paragraph and the fourth paragraph of Article 4 of the Law on the Central Bank of the Republic of Turkey No. 1211 dated 14/01/1970”

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Source: Central Bank of Republic of Turkey — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works

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