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Legalization of cryptocurrencies is being prepared
Legalization of cryptocurrencies is being prepared

Erdal Kaya, CEO of Narkasa, the domestic cryptocurrency exchange, which evaluated the “regulation on the non-use of crypto assets in payments” published in the Official Gazette of the central bank, said: "in this regulation, the Central Bank introduced cryptocurrencies for the first time. That's an important threshold. On the other hand, contrary to general opinion, the published regulation does not prevent individual users or companies from investing in cryptocurrencies," he said.

*** This release is originally published in Turkish.
Google Translate Application translates the content you see on this page.***

İSTANBUL (TR) - Crypto coins by 2021 regulations that are published in the official gazette dated April 16, 31456, "entity Crypto, distributed notebook technology or using technology similar to digital networks that are created and distributed over virtually, however, fiat money, bank money, electronic money, payment instruments, securities or other capital market instruments that do not qualify as intangible assets" were classified as. 

Narkasa CEO Erdal Kaya, who said that this definition was made by the Central Bank for the first time, said: "in 2021, we see that the official authorities have serious work on cryptocurrencies. It is possible to say that these studies are not aimed at banning, but at creating a legal basis. We see that today's decision is an important threshold for cryptocurrencies. It is very important for the central bank to identify cryptocurrencies for the first time," he said.

"Trading with cryptocurrencies is not prohibited"

Erdal Kaya, who stated that there was confusion about the published regulation, said: "We found that there was a false perception that “cryptocurrency exchanges are closed or crypto assets are banned” in the questions asked to the support team of our Stock Exchange and in some social media shares. Since this regulation is a regulation of the Central Bank, it concerns banks and digital payment platforms subject to the central bank. It does not pose any problems in terms of general trade, and there is no ban. Anyone who wants to continue to receive cryptocurrency payments with direct wallet transfer, there is no situation that prevents it." said.

"There is no ban on cryptocurrency exchanges and crypto assets"

The basis of the regulation as stated in the article, the payment institutions and electronic money underlining that the arrangement of Erdal Kaya, "regulation of crypto coins crypto currency market has to do with providing brokerage services to buy and sell. In the same way, there is no statement in the regulation that crypto assets are prohibited.  The regulation prohibits the direct or indirect use of crypto assets only by payment and electronic money institutions, and accordingly it is stated that these organizations cannot provide brokerage services to cryptocurrency exchanges. Narkasa also has a direct or indirect relationship with any payment and electronic money organization. Our users can continue their operations with confidence."

Ministry asked cryptocurrency exchanges for user data

In the first days of April, the Ministry of Treasury and finance sent a notification to the cryptocurrency exchanges trading in Turkey and asked for the data of all its users Erdal Kaya, "the Ministry requested the TC identification numbers of users, wallet numbers, registration dates and the value of accounts in Turkish Lira. This was an important step in the implementation of regulations in Turkey. We can note that today's regulation is also aimed at laying the groundwork for the tax and legalization of cryptocurrencies. We, as Narkasa, have prepared according to all possible legal regulations and regulations from day one," he said.

Contact: Tülay Genç | [email protected] | +31 30 799 6022

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