The 2024 Presidential Annual Program, presented to the public by the Presidency of Strategy and Budget of the Republic of Turkey on October 26, includes several regulations related to the crypto sector. The report highlights deposit regulations related to the crypto market and efforts to establish a legal framework for crypto currencies in the Turkish legal system.
What Details are Included in the Report?
With the legal regulation efforts that started in the United States, this field has received widespread attention in many countries around the world. The latest development in this regard has occurred in our country while the European Union diligently carries out its own efforts.
With the decision on the Approval of the 2024 Presidential Annual Program, discussions have arisen regarding the measure coded 400.5 included in the 2024 Presidential Annual Program. According to this measure, regulatory work related to transactions made using crypto assets, which can be bought and sold digitally and represent a digital value, will gain momentum.
This issue is being approached in two different ways: the taxation of crypto currencies and the recognition of crypto currencies in the Turkish legal system. The taxation of crypto currencies and the inclusion of these assets in the Turkish legal system have already become a matter of curiosity.
Regulatory work for crypto asset service providers was included as a separate topic according to the measure coded 383.1 included in the report. It is believed that authorities will take different steps regarding both crypto currencies and crypto asset service providers as a result of this development.
CBRT’s Definition of Crypto Assets
The Regulation on the Non-Use of Crypto Assets in Payments, prepared based on Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions, which came into effect on April 30, 2021 and referred to by the Central Bank of the Republic of Turkey, included the term “crypto asset” for the first time. The definition of crypto asset was as follows:
“Intangible asset that is created virtually using distributed ledger technology or similar technology and distributed via digital networks, but is not classified as fiat money, book money, electronic money, payment instrument, security, or other capital market instrument.”
