Arrangements Promulgated with the By-law on Not Using Crypto Assets in Payments was published in the Official Gazette dated April 16, 2021. In this by-law, the procedures and principles take place stating that crypto assets cannot be used in payments and that crypto assets cannot be used directly or indirectly in the provision of payment services and issuing of electronic money and, paying agencies and electronic money institutions cannot mediate to the platform performing the purchase and sale, retention, transfer transactions or providing the issuance services related to crypto assets or to the fund transfers from these platforms.
In this by-law, the definition of crypto asset is made as intangible assets that are created virtually using distributed ledger technology or a similar technology and that are distributed over digital networks and that are not qualified as fiduciary money, bank money, electronic money, payment instrument, securities or other capital market instrument.
The regulations stating that crypto assets cannot be used directly or indirectly in payments and that the service for the direct or indirect use of crypto assets in payments cannot be offered draw attention in this by-law.
The by-law also cover the terms and conditions stating that payment service providers cannot develop business models in a way that crypto assets shall be used directly or indirectly in the provision of payment services and electronic money issuance, and that they cannot provide any services related to such business models. According to Arrangements Promulgated with the By-law on Not Using Crypto Assets in Payments, paying agencies and electronic money institutions cannot mediate the platforms that offer trading, retention, transfer or issuance services for crypto assets or that they cannot also mediate fund transfers from these platforms.
Arrangements Promulgated with the By-law on Not Using Crypto Assets in Payments entered into force on April 30, 2021.