Paying with cryptocurrency is banned

Paying with cryptocurrency is banned


Recently Bitcoin ve Ethereum cryptocurrencies, which attract everyone’s attention, for a while in shopping also started to be used.

After some tradesmen in our country announced that they started to receive payments with crypto money, the situation of tax collection from crypto currencies started to be discussed recently. A new ban was introduced with the regulation published in the Official Gazette at midnight today.

Making payments with crypto assets banned

Ministry of Treasury and Finance publishing a new regulation forbids receiving / making payments with cryptocurrencies. In the Official Gazette in regulation include the following items:

ARTICLE 1 – (1) The purpose of this Regulation is not to use crypto assets in payments, not to use crypto assets directly or indirectly in the provision of payment services and electronic money issuance, and to mediate the payment and electronic money institutions to platforms that offer trading, custody, transfer or issuance services for crypto assets or to transfer funds from these platforms. It is the determination of the procedures and principles regarding the failure to do so.

Not using crypto assets in payments

ARTICLE 3 – (1) In the implementation of this Regulation, crypto asset refers to intangible assets that are created virtually using distributed ledger technology or a similar technology and distributed over digital networks, but that are not qualified as fiat, dematerialized money, electronic money, payment instrument, security or other capital market instrument. .

(2) Crypto assets cannot be used directly or indirectly for payments.

(3) No service can be provided for direct or indirect use of crypto assets in payments.

Not using crypto assets in the provision of payment services and electronic money issuance

ARTICLE 4 – (1) Payment service providers cannot develop business models in a way that direct or indirect use of crypto assets in the provision of payment services and electronic money issuance, nor can they provide any services related to such business models.

(2) Payment and electronic money institutions cannot mediate on platforms that offer trading, custody, transfer or issuance services for crypto assets or fund transfers from these platforms.

This Regulation comes into force on 30/4/2021.


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