You can see the rules and regulations in other jurisdictions.
The Regulation Prohibiting Payments Through Crypto Assets (the Crypto Assets Regulation), issued by the Central Bank of the Republic of Turkey (CBRT), went into effect on 30 April 2021. Cryptoassets cannot be used in the operations of licensed payment institutions and electronic money institutions under the Regulation; however, it does not introduce any regulations regarding cryptoasset trading platforms. Under the Regulation Amending the Regulation on Measures Regarding Prevention of Laundering Proceeds of Crime and Financing of Terrorism, published in the Official Gazette on 24 February 2021 (the MASAK Regulation), cryptoasset service providers are now included within the definition of 'obliged parties' and will be subject to oversight by MASAK. As such, MASAK has issued a guide called Main Principles for Crypto Asset Service Providers Regarding Prevention of Laundering Proceeds of Crime and Financing of Terrorism. Moreover, the First Chamber of the Judges and Prosecutors Council established specialised courts for cybercrimes and financial crimes with Decisions Nos. 1229 and 1230, dated 25 November 2021. Cryptoassets may be recognized by the government if all of these steps are taken.1
ICOs and token generation events are not regulated. The CMB has not yet classified or assessed security tokens.1
Cryptoasset service providers have been included in the definition of obliged parties under MASAK Regulation, which imposes common requirements like the appointment of a compliance officer and identity verification for account holders, as well as reporting suspicious transactions. In addition to these measures, Turkish anti-money laundering law (Law No. 5549) and its supplementary regulations require fintech companies operating with cryptocurrency and tokens to put in place measures to battle bribery. MASAK also regulates fintech services with regards to money laundering proceedings connected to criminal activities and terrorist financing.1
Regarding taxation, it will be necessary to amend the Tax Law in a comprehensive manner to be able to impose taxes on cryptocurrencies and tokens. In Turkey, cryptocurrencies could be regarded as commodities, which would result in income tax being imposed on its exchange. Currently, cryptocurrency gains are excluded from income taxation as part of the types of income that are subject to taxes.1
Tokens can be offered to foreign residents without restriction.1
