16 April 2021 FRIDAY Official Gazette Number: 31456

REGULATION

From the Central Bank of the Republic of Turkey:

REGULATION ON THE NON-USE OF CRYPTO ASSETS IN PAYMENTS

Purpose and scope

ARTICLE 1 – (1) The purpose of this Regulation is to determine the procedures and principles regarding the non-use of crypto assets in payments, the non-use of crypto assets directly or indirectly in the provision of payment services and in the issuance of electronic money, and the non-intermediation of payment and electronic money institutions in fund transfers to or from platforms that provide buying and selling, custody, transfer or issuance services related to crypto assets.

Basis

ARTICLE 2 – (1) This Regulation has been prepared based on subparagraph (f) of paragraph (I) of the third paragraph and the fourth paragraph of Article 4 of the Central Bank of the Republic of Turkey Law No. 1211 dated 14/1/1970, 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 20/6/2013.

Non-use of crypto assets in payments

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

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

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

Non-use of crypto assets in the provision of payment services and in the issuance of electronic money

ARTICLE 4- (1) Payment service providers cannot develop business models in which crypto assets are used directly or indirectly in the provision of payment services and in the issuance of electronic money, and cannot provide any service related to such business models.

(2) Payment and electronic money institutions cannot intermediate in fund transfers to or from platforms that provide buying and selling, custody, transfer or issuance services related to crypto assets.

Entry into force

ARTICLE 5 – (1) The provisions of this Regulation enter into force on 30/4/2021.

Execution

ARTICLE 6 – (1) The Governor of the Central Bank of the Republic of Turkey executes the provisions of this Regulation.