THE QUALIFICATION OF CRYPTO-ASSETS AS SECURITIES UNDER TURKISH LAW: A COMPARATIVE ANALYSIS

Yıl 2025, Cilt: 3 Sayı: 2, 166 - 189, 31.12.2025

Hacer Ülkü Doğan Kaya

https://doi.org/10.69800/blr.1838778

Öz

Unlike the situation in some other jurisdictions, there is no published guidance regarding when crypto-assets can be considered as securities under Turkish law. For this reason, this study deals with the question of when crypto-assets are considered as securities under current Turkish law and the implications of such consideration. The analysis accompanies a comparative overview of the regulatory responses in some relevant jurisdictions. On the other hand, it reviews the recent Turkish legislative changes, which were passed in June 2024 and provide clarifications on the issuance of securities in the form of crypto-assets, the licensing of crypto-asset service providers (CASPs), and the Turkish regulator's enforcement powers against crypto-asset activities. The conclusion evaluates the position in Turkey in comparison to the UK, EU and US from a regulatory standpoint and identifies areas that require further clarification.

Anahtar Kelimeler

Crypto-assets as securities , Turkish crypto-asset legislation , capital markets law , comparative law

TÜRK HUKUKUNDA KRİPTO VARLIKLARIN MENKUL KIYMET OLARAK NİTELENDİRİLMESİ: KARŞILAŞTIRMALI BİR ANALİZ

Öz

Bazı diğer hukuk sistemlerinin aksine, Türkiye’de kripto varlıkların hangi şartlar altında menkul kıymet olarak değerlendirileceğine ilişkin yayımlanmış bir rehber bulunmamaktadır. Bu nedenle, bu çalışma kripto varlıkların yürürlükteki Türk hukuku uyarınca ne durumda menkul kıymet sayıldığını ve böyle bir değerlendirmenin sonuçlarını ele almaktadır. Bu analiz, ilgili birtakım hukuk sistemlerindeki düzenleyici yaklaşımlara ilişkin karşılaştırmalı bir değerlendirme ile birlikte sunulmaktadır. Öte yandan, Haziran 2024’te kabul edilen ve kripto varlık şeklinde menkul kıymet ihraçlarına, kripto varlık hizmet sağlayıcılarının (CASP’ler) lisanslanmasına ve Türk düzenleyicisinin kripto varlık faaliyetlerine yönelik yaptırım yetkilerine açıklık getiren son Türk mevzuat değişikliklerini de incelemektedir. Sonuç bölümü, Türkiye’deki durumu Birleşik Krallık, AB ve ABD ile düzenleyici açıdan karşılaştırmakta ve daha fazla netlik kazandırılmasına ihtiyaç duyulan alanları belirlemektedir.

Anahtar Kelimeler

Menkul kıymet olarak kripto varlıklar , Türk kripto varlık mevzuatı , sermaye piyasası hukuku , karşılaştırmalı hukuk

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