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However, there are no specific provisions under Turkish legislation that prohibit individuals from owning and exchanging cryptocurrencies. The Crypto Assets Regulation prohibits:

1. The direct or indirect use of cryptoassets in making payments
2. The provision of services enabling the direct or indirect use of cryptoassets in making payments
3. The development of business models, or the provision of services related to those business models, by payment service providers regarding the direct or indirect use of cryptoassets in the provision of payment services or the export of electronic money
4. Payment and electronic money institutions from acting as intermediaries between platforms providing services on the trading, depositing, transferring or exporting of cryptoassets ¹

Considering the above, even though licenced payment institutions and e-money institutions are not allowed to use cryptoassets in their operations, no regulations are applicable to cryptoasset trading platforms. It is evident that cryptoassets only represent a very small part of possible blockchain technology applications; hence, we can be sure that this Regulation will not be an obstruction for technological advancement surrounding blockchain technology like digital identity, open data, or smart contracts in Turkey.¹

Virtual currencies in Turkey

Fintech in Turkey

Fintech in other countries

Notes

1. https://thelawreviews.co.uk/title/the-financial-technology-law-review/turkey