Sermaye Piyasası Hukukunda Kripto Varlıklara Yönelik Yaklaşımlar

Öz

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.

Anahtar Kelimeler

• Kripto varlık
• Blokzincir
• SEC
• MiCAR
• Kripto varlık hizmet sağlayıcılar

Legal and Regulatory Approaches to Crypto Assets in Capital Markets

Öz

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.

Anahtar Kelimeler

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

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