Turkey: Laws Related to Token Sales, Blockchain, and Digital Proof

In Turkey on November 25, 2013 Turkish Banking Regulation and Supervision Agency published a press release by indicating that; bitcoins known as virtual money unit has no guarantees for its collateral and which is not issued by any official or private institution, is not considered as electronic money within the scope of Turkish legislation by its present structure and functioning, and thus its surveillance and supervision are not possible within the frame of the Turkish Law. And Agency also warned bitcoin users that it creates suitable environment for these virtual monies to be used in illegal activities and it contains risks due to its market value which may be extremely volatile, it may be stolen from digital wallets or operational errors due to irreversibility of the transactions made or from the abuse of malignant vendors. Also due to its independent nature from any control mechanism, it not possible to freeze or seize the bitcoin accounts.


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