NEWS AND INSIGHT

Not Using Crypto-Assets in Payments


17 April 2021

Not Using Crypto-Assets in Payments

Turkish Central Bank's Regulation on Not Using Crypto-Assets in Payments (“Regulation”) was published in the Official Gazette. As per the Regulation, crypto-assets cannot be used either directly or indirectly in payments and no service can be provided for such use of them. It is also stated that the payment service providers cannot develop business models involving direct or indirect use of crypto assets for the provision of payment services and the issuance of electronic money and cannot provide any services related to such business models. Additionally, payment and electronic money institutions cannot mediate the platforms that offer trading, custody, transfer, or issuance services for crypto assets or fund transfers to be made from these platforms. The Regulation shall enter into force on April 30, 2021.

The full Turkish text of the Regulation can be found at this link: 

https://www.resmigazete.gov.tr/eskiler/2021/04/20210416-4.htm