Sermaye Piyasası Hukukunda Kripto Varlıklara Yönelik Yaklaşımlar

Year 2025, Volume: 2 Issue: 1, 45 - 101, 30.06.2025

Aybüke Keskin

Abstract

Blokzincir teknolojisi, güvenli, şeffaf ve merkeziyetsiz işlemleri mümkün kılarak sermaye piyasaları da dâhil olmak üzere birçok sektörde dönüştürücü bir potansiyel sunmaktadır. İşbu çalışmada kripto varlıkların hukuki ve işlevsel etkileri, özellikle sermaye piyasası aracı olarak değerlendirilmeleri hâli, incelenmektedir. Kripto varlıklar genellikle geleneksel finansal varlıklarla ekonomik benzerlikler gösterse de hukuken para olarak kabul edilmediği için finansal düzenlemeler çerçevesinde klasik tanımlara tam olarak uymamaktadır. Makalede kripto varlık hizmet sağlayıcılarının rolü de ele alınmaktadır. Zira söz konusu aktörler, alım-satım ve saklama hizmetleri sunarak piyasa likiditesini artırmakta ve fiyat keşfini kolaylaştırmaktadır. Ancak kripto varlık hizmet sağlayıcılarına ilişkin düzenleyici çerçeve küresel ölçekte karmaşık ve tutarsız bir yapı sergilemektedir. Örneğin, AB’nin MiCAR düzenlemesi, yatırımcıların korunması ile piyasa istikrarı arasında bir denge kurmayı hedeflerken, ABD’de SEC ve CFTC arasında kimin yetkili olacağı hususunda bir çatışma bulunmaktadır. Türkiye’de Sermaye Piyasası Kanunu’nda yapılan son değişiklikler, kripto varlıkları geniş bir şekilde tanımlasa da düzenlemenin odak noktası kripto varlıklar yerine kripto varlık hizmet sağlayıcıları olmuştur. Blokzincirin merkeziyetsiz yapısı, finansal piyasalarda aracılara olan bağımlılığı azaltma potansiyeline sahip olsa da merkezi kurumlara duyulan güven, merkeziyetsiz sistemlerin tam anlamıyla uygulanmasını şu an için sınırlamaktadır. Blokzincir ve kripto varlıkların sürekli değişen doğası göz önüne alındığında çerçeve düzenlemelerin, özel düzenlemeler ile ikincil mevzuatı bir araya getiren bir yaklaşım benimsemesi, piyasa istikrarı, yatırımcı koruması ve sermaye piyasalarındaki yenilik ile daha iyi uyum sağlayabilir.

Keywords

Kripto varlık , Blokzincir , SEC , MiCAR , Kripto varlık hizmet sağlayıcılar

Ethical Statement

Bu çalışma, 123K086 ve 223K656 numaralı projeler ile ve 2211-A Yurt İçi Genel Doktora Burs Programı ile desteklenmiştir.

Supporting Institution

Türkiye Bilimsel ve Teknolojik Araştırma Kurumu (TÜBİTAK)

Project Number

Projects with Grant Numbers 123K086 and 223K656

Thanks

Bu çalışma, Türkiye Bilimsel ve Teknolojik Araştırma Kurumu (TÜBİTAK) tarafından 123K086 ve 223K656 numaralı projeler ile ve 2211-A Yurt İçi Genel Doktora Burs Programı ile desteklenmiştir. Verdiği destekten ötürü TÜBİTAK’a teşekkürlerimi sunarım.

Legal and Regulatory Approaches to Crypto Assets in Capital Markets

Abstract

Blockchain technology enables secure, transparent, and decentralised transactions, offering transformative potential for industries, including capital markets. This study examines the legal and functional implications of crypto assets, particularly their status as potential capital market instruments. Although crypto assets often share economic characteristics with traditional financial assets, they lack the legal recognition of currency; hence, they do not fit established definitions within financial regulation frameworks. This paper also explores the role of crypto asset service providers because they facilitate trading and custody services that enhance market liquidity and price discovery. However, the regulatory landscape for crypto asset service providers remains complex and inconsistent across jurisdictions. For instance, the EU’s MiCAR framework seeks to balance investor protection with market stability, while regulatory conflicts persist in the US between agencies like the SEC and CFTC. Although the recent amendments to Türkiye’s Capital Markets Act provide a broad definition of crypto assets, the primary focus remains on regulating crypto asset service providers rather than individual crypto assets themselves. Blockchain’s decentralised structure could reduce reliance on intermediaries in financial markets, yet widespread societal trust in centralised institutions currently limits the practical implementation of fully decentralised systems. Given the evolving nature of blockchain and crypto assets, this study suggests that adaptive regulatory frameworks, combining tailored regulations and secondary provisions, might better align with market stability, investor protection, and innovation in capital markets.

Keywords

Crypto assets , Blockchain , SEC , MiCAR , Crypto asset service providers

Ethical Statement

This study was supported under Grant Numbers 123K086 and 223K656, and the 2211-A National PhD Scholarship Program.

Supporting Institution

Scientific and Technological Research Council of Turkey (TÜBİTAK)

Project Number

Projects with Grant Numbers 123K086 and 223K656

Thanks

This study was supported by the Scientific and Technological Research Council of Turkey (TÜBİTAK) under Grant Numbers 123K086 and 223K656, and the 2211-A National PhD Scholarship Program. The author thanks TÜBİTAK for their support.

References

• Akipek J, Akıntürk T ve Ateş D, Eşya Hukuku (2. bs, Beta 2018)
• Albert MR, ‘The Howey Test Turns 64: Are the Courts Grading This Test on a Curve?’ (2011) 2 William & Mary Business Law Review 1
• Allen HJ, ‘DeFi: Shadow Banking 2.0?’ [2023] William & Mary Law Review 919
• ‘Altına Dayalı Dijital Varlık Platformu’ <https://biga.takasbank.com.tr/> accessed 19 February 2025
• Andrikos J, ‘Blockchain-Based Land Registry in Honduras’ <https://borgenproject.org/ blockchain-based-land-registry/> accessed 15 February 2025
• Annunziata F, Chisari AC and Amendola PR, ‘DLT-Based Trading Venues and EU Capital Markets Legislation: State of the Art and Perspectives under the DLT Plot Regime’ (2023) 9 Italian Law Journal 141
• Antalya OG ve Topuz M, Marmara Hukuk Yorumu Eşya Hukuku Cilt: IV / 1 (4 bs, Seçkin Yayıncılık 2021)
• Ata Polat Ö, ‘Dağıtık Defter Teknolojisine Dayalı Kıymetli Evrak Düzenlemeleri ve Bu Düzenlemelerin Menkul Kıymetlerin Kıymetli Evrak Niteliğine Etkisine İlişkin Bir Değerlendirme’ (2023) 39(2) Banka ve Ticaret Hukuku Dergisi 323
• Bambara JJ and Allen PR, Blockchain A Practical Guide to Developing Business, Law, and Technology Solutions (McGrawHill Education 2018)
• BaFin, ‘Crypto Securities’ (1 September 2022) <https://www.bafin.de/SharedDocs/FAQs/ EN/Fintech/Kryptotoken/Tokenarten/0700_Kryptowertpapiere_en.html> accessed 21 April 2025
• BaFin ‘Crypto Tokens’ <https://www.bafin.de/EN/Aufsicht/FinTech/Geschaeftsmodelle /DLT_Blockchain_Krypto/Kryptotoken/Kryptotoken_artikel_en.html?nn=19578992> accessed 12 November 2024
• Bank of England, Financial Stability in Focus: Cryptoassets and decentralised finance (March 2022)
• Bashir I, Mastering Blockchain: A Deep Dive into Distributed Ledgers, Consensus Protocols, Smart Contracts, DApps, Cryptocurrencies, Ethereum, and More (Third edition, Packt 2020)
• Bashir I, Blockchain Consensus: An Introduction to Classical, Blockchain, and Quantum Consensus Protocols (Apress 2022) <https://link.springer.com/10.1007/978-1-4842-8179-6> accessed 15 February 2025
• Bheemaiah K, The Blockchain Alternative (Apress 2017) <http://link.springer.com/10. 1007/978-1-4842-2674-2> accessed 16 February 2025
• ‘BİGA Platformu’ <https://www.takasbank.com.tr/tr/hizmetler/verilen-hizmetler-1/biga platformu> accessed 13 February 2025 Bilgili F ve Cengil MF, ‘Bitcoin Özelinde Kripto Paraların Eşya Niteliği Sorunu’ (2019)<https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3432713> accessed 13 February 2025
• Bi̇lgili F ve Cengi̇l MF, ‘Bitcoin Özelinde Kripto Paraların Ticaret Şirketlerine Sermaye Olarak Getirilmesi’ (2019) 23 Ankara Hacı Bayram Veli Üniversitesi Hukuk Fakültesi Dergisi 3
• Bilgili F ve Cengi̇l MF, Blockhain ve Kripto Para Hukuku (2 bs, Dora 2022)
• ‘Blokzincir’ <https://cbddo.gov.tr/sss/blokzincir-sozlugu/> accessed 15 February 2025
• Bozkurt Yüksel AE, ‘Elektronik Para, Sanal Para, Bitcoin ve Linden Doları’na Hukuki Bir Bakış’ (2016) 73 Journal of Istanbul University Law Faculty 173
• Braun-Dubler N and others, Blockchain: Capabilities, Economic Viability, and the Socio-Technical Environment (TA-SWISS ed, 1st edn, vdf Hochschulverlag AG an der ETH Zürich 2020) <https://vdf.ch/blockchain-capabilities-economic-viability-and-the-socio-technical-environment-e-book.html> accessed 5 February 2025
• Buckley RP and Trzecinski M, ‘Central Bank Digital Currencies and the Global Financial System: The Dollar Dethroned?’ (2023) 18 Capital Markets Law Journal 137
• Coinbase, ‘What is a private key?’ (Coinbase, 2023) <https://www.coinbase.com/learn/crypto-basics/what-is-a-private-key> accessed 21 April 2025
• ‘Consultation Paper on the Draft Guidelines on the Conditions and Criteria for the Qualification of Crypto-Assets as Financial Instruments’ <esma.europa.eu/sites/default/files/2024-01/ESMA75-45312870052_MiCA_Consultation_Paper__Guidelines_on_the_qualifi cation_of_crypto-assets_as_financial_instruments.pdf> accessed 12 November 2024
• ‘Consultation Paper on the Technical Standards Specifying Certain Requirements of Markets in Crypto Assets Regulation (MiCA) - Second Consultation Paper’ (European Securities and Markets Authority (ESMA) 2023) <https://www.esma.europa.eu/sites/ default/files/2023-10/ESMA75-453128700438_MiCA_Consultation_Paper_2nd_pack age.pdf> accessed 17 February 2025 Coşkun ME, Hukuki Açıdan Kripto Varlıklar ve İlk Kriptopara Arzı (Initial Coin Offering) (On İki Levha Yayıncılık 2023)
• Çağlayan Aksoy P, ‘Medeni Hukuk Açısından Kripto Varlıklar’ (Sözkesen Matbaacılık 2022)
• Çağlayan Aksoy P, ‘The Liability of Crypto Asset Service Providers’ (Ankara Medipol University 2024) Investor Protection in Crypto-Asset Markets- Workshop Report <https://ankaramedipol.edu.tr/wpcontent/uploads/2025/01/IRDi_Medipol_Workshop Report_December2024-.pdf> accessed 18 February 2025
• Çekin MS, ‘Kripto Varlıklar Üzerinde Gerçekleştirilen İşlemlerin Borçlar Hukuku ve Eşya Hukuku Açısından Değerlendirilmesi’ (2022) 9 İstanbul Medipol Üniversitesi Hukuk Fakültesi Dergisi 1
• Çelener B, ‘Bitcoin ve Diğer Kripto Para Birimlerinin Vergilendirmesine Yönelik Yaklaşımlar’ in E Eylem Aksoy Retornaz ve Osman Gazi Güçlütürk (ed.), Gelişen Teknolojiler ve Hukuk I: Blokzincir ve Hukuk (2. bs, On İki Levha Yayıncılık 2021)
• Çeti̇n M, Sermaye Piyasası Hukuku Bakımından Kripto Varlıklar (On İki Levha Yayıncılık 2023)
• Çoban B, ‘Thodex’in Kurucusu Faruk Fatih Özer’in Dolandırıcılık Davasında Karar’ (8 September 2023) <https://www.aa.com.tr/tr/gundem/thodexin-kurucusu-faruk-fatih-ozerin-dolandiricilik-davasinda-karar/2986295> accessed 18 February 2025
• De Filippi P and Wright A, Blockchain and the Law: The Rule of Code (Harvard University Press 2018)
• DeMarinis R and Voss F, ‘Is Blockchain the Answer to E-Voting? Nasdaq Believes So’ <https://www.nasdaq.com/articles/blockchain-answer-e-voting-nasdaq-believes-so20 17-01-23> accessed 26 September 2024
• Demirbaş AA, Kripto Varlıkların Sermaye Piyasası Hukuku Açısından Değerlendirilmesi (Seçkin Yayıncılık 2022) ‘Digital Assets’ <https://www.irs.gov/businesses/small-businesses-self-employed/digital-assets> accessed 11 November 2024
• ‘Distributed Ledger Technology (DLT) and Blockchain FinTech Note No. 1’ (World Bank Group (WBG) 2017) <https://documents1.worldbank.org/curated/en/177911513 714062215/pdf/122140-WP-PUBLIC-Distributed-Ledger-Technology-andBlockchain -Fintech-Notes.pdf> accessed 16 February 2025
• ‘ECB Publishes Second Progress Report on the Digital Euro Preparation Phase’ (2 December 2024) <https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.pr241202~d0b19e5e1b .en.html> accessed 19 February 2025
• Eder G, ‘Digital Transformation: Blockchain and Land Titles’, The 2019 OECD Global Anti-Corruption & Integrity Forum (2019)
• Elzweig B and Trautman LJ, ‘When Does a Non-Fungible Token (NFT) Become a Security?’ (2023) 39(2) Georgia State University Law Review 295
• ‘ESMA, EBA and EIOPA Warn Consumers on the Risks of Virtual Currencies’ <https://extranet.eba.europa.eu/sites/default/documents/files/documents/10180/2139750/313b7318-2fec-4d5e-96283fb007fe8a2a/Joint%20ESAs%20Warning%20on%20Vir tual%20Currencies.pdf?retry=1> accessed 15 February 2025
• ‘ESMA Finalises First Rules on Crypto-Asset Service Providers’ (25 March 2024) <https://www.esma.europa.eu/press-news/esma-news/esma-finalises-first-rulescrypto-asset-service-providers> accessed 18 February 2025
• ‘ESMA Launches the Third Consultation under MiCA’ (25 March 2024) <https://www.esma. europa.eu/press-news/esma-news/esma-launches-third-consultation-under-mica> accessed 17 February 2025
• ‘ESMA Publishes Second Consultation on Crypto Market Rules’ <https://www.esma.europa.eu/press-news/esma-news/esma-publishes-secondconsulta tion-crypto-market-rules> accessed 17 February 2025
• ‘ESMA Releases Last Policy Documents to Get Ready for MiCA’ <https://www.esma.europa.eu/press-news/esma-news/esma-releases-last-policydocu ments-get-ready-mica> accessed 17 February 2025
• ‘ESMA Seeks First Input on Detailed Rules for Crypto Markets’ <https://www.esma.europa.eu/press-news/esma-news/esma-seeks-first-input-detailed-rules-crypto-markets> accessed 18 February 2025
• European Banking Authority (EBA), ‘EBA Issues ‘Travel Rule’ Guidance to Tackle Money Laundering and Terrorist Financing in Transfers of Funds and Crypto Assets’ (EBA, 2024) <https://www.eba.europa.eu/publications-and-media/press-releases/eba-issues-travel-rule-guidance-tackle-money-laundering-and-terrorist-financing-transfers-funds-and-crypto-assets> accessed 21 April 2025
• European Banking Authority (EBA), Guidelines on information requirements in relation to transfers of funds and certain crypto-assets transfers under Regulation (EU) 2023/1113 (EBA/GL/2024/01, 2024) <https://www.eba.europa.eu/activities/singlerulebook /regulatory-activities/anti-money-laundering-and-countering-financingterrorism/guide lines-information-requirements-relation-transfers-funds-and-certain-crypto-assetstrans fers> accessed 21 April 2025
• European Central Bank, Virtual Currency Schemes (ECB 2012) 13 <https://www.ecb.europa. eu/pub/pdf/other/virtualcurrencyschemes201210en.pdf> accessed 21 April 2025
• European Central Bank., Virtual Currency Schemes: A Further Analysis. (Publications Office 2015) <https://data.europa.eu/doi/10.2866/662172> accessed 13 February 2025
• Financial Conduct Authority, Guidance on Cryptoassets (PS19/22, July 2019)
• ‘FINMA Guidance 04/2017 Regulatory Treatment of Initial Coin Offerings’ <https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/4dokumentation/finma-aufsichtsmitteilungen/20170929-finma-aufsichtsmitteilung-04-2017.pdf> accessed 16 February 2025
• ‘Georgia Develops Blockchain Land Registry Platform’ <https://agenda.ge/ en/news/2016/1002> accessed 10 November 2024
• Goforth C, ‘The Securities and Exchange Commission and Cryptoassets: A Study in Irony’ (2023–2024) 87 Albany Law Review 55
• ‘Guidelines for Enquiries Regarding the Regulatory Framework for Initial Coin Offerings (ICOs)’ <https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/ myfinma/1bewilligung/fintech/wegleitungico.pdf?sc_lang=en&hash=83EE49D77DA54DD079F314D9EDCBDC3D> accessed 16 February 2025
• Güçlütürk OG, ‘Türk Hukukunda Kripto Varlıkların Para ve Elektronik Para Niteliğinin İncelenmesi’ (2020) 4(3) Regesta 383
• Günver O, ‘Çağımızda Hukuksal Açıdan Para Kavramı’ (2017) 33 Banka ve Ticaret Hukuku Dergisi 143 Hrabčák L and Štrkolec M, ‘EU Regulation of the Crypto-Assets Market’ (2024) 29(1) Bialostockie Studia Prawnicze 27
• İnci S ve Alpen İ, Bitcoin Devrimi- Değişen Dünya Ekonomisinde Kripto Para Sistemi, Blockchain, Altcoinler (Elma Yayınevi 2018)
• ‘Initial Coin Offerings (ICOs) for SME Financing’ <www.oecd.org/finance/initial-coin-offerings-for-sme-financing.htm> accessed 16 February 2025
• Kaal WA, ‘Blockchain-Based Corporate Governance’ (2021) 4 Stanford Journal of Blockchain Law & Policy <https://www.ssrn.com/abstract=3441904> accessed 11 November 2024
• Kappos DJ, Schneider LA, Barabander DM and Sproule CAF, ‘Fuzzy Tokens: Thinking Carefully about Technical Classification Versus Legal Classification of Cryptoassets’ (2023) BTLJ Comment 1
• Karahanoğlu İ, Akıllı Sözleşmelerin Uygulaması Olarak İlk Kripto Varlık Arzı (Ankara 2024)
• Karamanlıoğlu A, ‘Son Gelişmeler Işığında Kripto Paraların Hukuki Niteliği ve Kripto Para Borsalarına Dair Tespit ve Öneriler’ (KHAS Hukuk Bülteni, 30 April 2021) <https://hukukbulteni.khas.edu.tr/bulten/45> accessed 21 April 2025
• Katten Muchin Rosenman, ‘Crypto in the Courts: Five Cases Reshaping Digital Asset Regulation in 2025’ (21 January 2025) <https://katten.com/crypto-in-the-courts-five-cases-reshaping-digital-asset-regulation-in-2025> accessed 19 February 2025
• Klöhn L, Parhofer N and Resas D, ‘Initial Coin Offerings (ICOs): Economics and Regulation’ [2018] SSRN Electronic Journal <https://www.ssrn.com/abstract=3290882> accessed 2 October 2025
• Kostoula T, ‘Security Rights in Crypto-Assets: An Opportunity for Uniform Law?’ (2023) 28(3–4) Uniform Law Review 434
• ‘Kripto Para’ <https://cbddo.gov.tr/sss/blokzincir-sozlugu/> accessed 13 February 2025
• ‘Kriptografi’ <https://cbddo.gov.tr/sss/blokzincir-sozlugu/> accessed 13 February 2025
• Lang H, ‘Trump Signs Bill Nullifying Expanded IRS Crypto Broker Rule’ (Reuters, 11 April 2025) <https://www.reuters.com/world/us/trump-signs-bill-nullify-expanded-irs-crypto-broker-rule-2025-04-11/> accessed 28 April 2025
• Laurence T, Blockchain (John Wiley & Sons 2017)
• ‘Legal Framework for Distributed Ledger Technology and Blockchain in Switzerland - An Overview with a Focus on the Financial Sector’ (The Federal Council 2018) Federal Council report <https://www.newsd.admin.ch/newsd/message/attachments/55153.pdf> accessed 16 February 2025
• Maume P, ‘The Regulation on Markets in Crypto-Assets (MiCAR): Landmark Codification, or First Step of Many, or Both?’ (2023) 20 European Company and Financial Law Review 243 <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4639010> accessed 26 April 2025
• Memiş T ve Turan G, Sermaye Piyasası Hukuku (6. bs, Seçkin Yayıncılık 2022)
• ‘Merkeziyetsiz Borsalar (DeX)’ <https://cbddo.gov.tr/sss/blokzincir-sozlugu/> accessed 13 February 2025
• Möslein F, ‘Blockchain Applications and Company Law’ <https://blogs.law.ox.ac.uk/business-law-blog/blog/2021/02/blockchain-applications-and-company-law> accessed 9 November 2024
• Möslein F, ‘Crypto-Asset Regulation in the European Union’ (Ankara Medipol University 2024) Investor Protection in Crypto-Asset Markets- Workshop Report <https://ankaramedipol.edu.tr/wpcontent/uploads/2025/01/IRDi_Medipol_WorkshopReport_December2024-.pdf> accessed 18 February 2025
• Moyle AC and others, ‘Coining In It: ICO’s As The New Fundraising Paradigm?’ (2018) 1 RAIL: The Journal of Robotics, Artificial Intelligence & Law 47
• Nakamoto S, ‘Bitcoin: A Peer-to-Peer Electronic Cash System’ <https://bitcoin.org/bitcoin.pdf> accessed 1 November 2024
• National Law Review, ‘German Law & Classifying Crypto Assets’ (5 January 2020) <https://natlawreview.com/article/german-law-aspects-crypto-assets> accessed 21 April 2025
• Nestarcova D, A Critical Appraisal of Initial Coin Offerings: Lifting the ‘Digital Token’s Veil’ (Brill 2019)
• Oğuzman MK, Seliçi Ö ve Oktay-Özdemir S, Eşya Hukuku (23 bs, Filiz Kitabevi 2021)
• Oren O, ‘ICO’s, DAO’s, and the SEC: A Partnership Solution’ (2019) 2018 Columbia Business Law Review 617
• Oruç M, ‘Sıcak Gelişme: SPK Başkan Yardımcısı’ndan Kripto Para Düzenlemelerine Dair Açıklama’ <https://tr.beincrypto.com/sicak-gelisme-spk-baskan-yardimcisindan-kripto-para-duzenlemelerine-dair-aciklama/> accessed 13 February 2025
• ‘Outcomes FATF Plenary, 21-23 June 2023’ <https://www.fatf-gafi.org/en/publications/Fatfgeneral/outcomes-fatf-plenary-june-2023.html> accessed 17 February 2025
• Özdemir G, ‘Kripto Paraların Eşya Niteliği’ (2021) 11(1) Süleyman Demirel Üniversitesi Hukuk Fakültesi Dergisi 289 ‘Peer-to-Peer’ <https://dictionary.cambridge.org/tr/s%C3%B6zl%C3%BCk/ingilizce/peer-to-peer> accessed 10 November 2024
• Permal AJ, ‘Why the SEC Wants to Ban Crypto Staking and Stablecoins under Scrutiny — Watch The Market Report Live’ <https://cointelegraph.com/news/why-the-sec-wants-to-ban-crypto-staking-and-stablecoins-under-scrutiny-watch-the-market-report-live> accessed 12 November 2024
• Polat C, ‘Crypto-Asset Regulation in Turkish Capital Market Law’ (Ankara Medipol University 2024) Investor Protection in Crypto-Asset Markets- Workshop Report <https://ankaramedipol.edu.tr/wp-content/uploads/2025/01/IRDi_Medipol_ WorkshopReport_December2024-.pdf> accessed 18 February 2025
• Pucci F, ‘An Alternative Juridical Take on Cryptoassets’ (2025) 8 Stanford Journal of Blockchain Law & Policy 114
• RSM, ‘Congress Nullifies IRS Crypto Reporting Regulations for DeFi Platforms’ (23 April 2025) <https://rsmus.com/insights/tax-alerts/2025/congress-nullifies-irs-crypto reporting-regulations-for-defi-platforms.html> accessed 28 April 2025
• Securities and Exchange Commission, ‘Order Granting Accelerated Approval of Proposed Rule Changes to List and Trade Shares of Certain Bitcoin-Related Exchange-Traded Products’ (Release No 34-99306, 10 January 2024) <https://www.sec.gov/files/rules/sro/nysearca/2024/34-99306.pdf> accessed 21 April 2025
• Şener OH, ‘Ecash Sisteminde Üretilen Elektronik Paranın (Nakdi) Para Kavramı Bakımından Değerlendirilmesi’ (2007) 9 Dokuz Eylül Üniversitesi Hukuk Fakültesi Dergisi 455
• ‘Sorry SEC, Stablecoins Are Commodities According to CFTC’ <https://www.blockhead.co/2023/03/09/sorry-sec-stablecoins-are-commoditiesaccord ing-to-cftc-rostin-behnam/> accessed 12 November 2024
• ‘SPK/Güngör: Blockchain ve Kripto Varlıklarla Ilgili Yapacağımız Düzenlemeler Evrensel Olacak’ <https://tr.investing.com/news/markets/spkgungor-blockchain-ve-kripto-varlklarla-ilgili-yapacagmz-duzenlemeler-evrensel-olacak-2321286> accessed 15 February 2025
• Sünbül N, Finansal Teknoloji Ortaklıkları ve Ödeme Hizmetleri Rejimi (On İki Levha Yayıncılık 2023) ‘Takasbank Blokzincir Tabanlı Transfer Platformu, “BiGA-Dijital Altın” Ile Hizmete Girdi’ <https://www.takasbank.com.tr/tr/duyurular/duyuru-detay/takasbank-blokzincirtabanli -transfer-platformu-biga-dijital-altin-ile-hizmete-girdi> accessed 15 February 2025
• ‘Takasbank’tan Blokzincir Tabanlı Yeni Nesil Transfer Sistemi’ <https://www.takasbank.com.tr/tr/duyurular/duyuru-detay/takasbank-tan-blokzincirta banli-yeni-nesil-transfer-sistemi> accessed 15 February 2025
• Tan C, ‘Rights in NFTs and the Flourishing of NFT Marketplaces’ (2024) 32 International Journal of Law and Information Technology eaae018
• ‘Targeted Update on Implementation of the FATF Standards on Virtual Assets/VASPs’ (FATF 2023) <https://www.fatf-gafi.org/content/fatfgafi/en/publications/Fatfre commendations/targeted-update-virtual assets-vasps-2023.html> accessed 16 February 2025
• Tevetoğlu M, Hukuki Yönleriyle Kripto Varlıklar ve Kripto Varlıkların İlk Arzı (2 bs, Aristo Yayınları 2021) Tevetoğlu M, ‘Sermaye Piyasası Kanunu’nda Kripto Varlıklara İlişkin Yapılması Beklenen Düzenlemeler’ <https://www.tevetoglu.av.tr/tr/yayinlarimiz/sermaye-piyasasi kanununda-kripto-varliklara-iliskin-yapilmasi-beklenen-duzenlemeler-2022-12-23100 410> accessed 25 October 2024
• Townsend Z, ‘The SEC’s Approval of Bitcoin ETFs Has Officially Mainstreamed Crypto’ <https://www.nasdaq.com/articles/the-secs-approval-of-bitcoin-etfs-has-officiallymain streamed-crypto> accessed 12 November 2024
• Turanboy A, ‘Kripto Paraların Ortaya Çıkmaları ve Hukukî Nitelikleri’ (2019) 35 Banka ve Ticaret Hukuku Dergisi 47
• UK Intellectual Property Office, PAN 223: The Classification of Non-Fungible Tokens (NFTs), Virtual Goods and Services Provided in the Metaverse (2023)
• UK Jurisdiction Taskforce, Legal Statement on Cryptoassets and Smart Contracts (LawtechUK, November 2019)
• US Securities and Exchange Commission, ‘SEC Announces Dismissal of Civil Enforcement Action Against Coinbase’ (Press Release No 2025-47, 27 February 2025) <https://www.sec.gov/newsroom/press-releases/2025-47> accessed 28 April 2025
• Üzer B, ‘Sanal Para Birimleri’ (Uzmanlık Yeterlik Tezi, TCMB 2017)
• Üzümcü R ve Yıldırım Y, ‘Kripto Paraların Hukuki Statüleri ve Sözleşmeler İçerisindeki Yerleri’ (2022) 13 Süleyman Demirel Üniversitesi Vizyoner Dergisi 271
• Verstein A, ‘Crypto Assets and Insider Trading Law’s Domain’ (2019) 105 Iowa Law Review
• Virtual Currency Schemes (European Central Bank 2012) <https://www.ecb .europa.eu/pub/pdf/other/virtualcurrencyschemes201210en.pdf> accessed 15 February 2025
• von Rosenstiel A, ‘Recent Developments in the Regulation of the U.S. Crypto-Asset Markets’ (Ankara Medipol University 2024) Investor Protection in Crypto-Asset Markets- Workshop Report <https://ankaramedipol.edu.tr/wpcontent/uploads/2025 /01/IRDi_Medipol_WorkshopReport_December2024-.pdf> accessed 18 February 2025
• Walport M, ‘Distributed Ledger Technology: Beyond Block Chain- A Report by the UK Government Chief Scientific Adviser’ (Government Office for Science 2015) <https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/492972/gs-16-1-distributed-ledger-technology.pdf> accessed 10 November 2024
• Welzel C and others, Mythos Blockchain: Herausforderung für den öffentlichen Sektor (Kompetenzzentrum Öffentliche IT, Fraunhofer-Institut für Offene Kommunikationssysteme FOKUS 2017)
• Wronka C, ‘Crypto-Asset Activities and Markets in the European Union: Issues, Challenges and Considerations for Regulation, Supervision and Oversight’ (2024) 25 Journal of Banking Regulation 84
• Yermack D, ‘Corporate Governance and Blockchains’ [2017] Review of Finance 7
• Yılmaz A, Türk Sermaye Piyasası Hukuku Açısından Kripto Para Birimi Bitcoin (2nd edn, Ankara 2023)
• Yoder L, ‘BitPesa and GBG: The Evolution of Payments in Africa’ <https://www.gbgplc.com/en/blog/bitpesa-evolution-of-payments-in-africa/> accessed 10 November 2024
• Yüce A A, ‘9 Haziran 2021 Tarihli Alman Elektronik Kıymetli Evrak Kanunu (eWpG) Üzerine Düşünceler’ (2021) 79(3) İstanbul Hukuk Mecmuası 729