We proudly present the ninth of BASEAK CORE Papers article series! In this part of the series, our forensic IT specialist Burak Aytekin and our associate Ramiz Arslan evaluate the regulations in Turkey and in the world about crypto assets. Please find below the abstract of our article, which you can download from here (only in Turkish).
Cryptocurrencies, which are the most widely used area of blockchain, have taken their place among the investment tools in the recent years. As they start to take part in the portfolios of various investment funds around the world, they are in the focus of governments. Besides cryptocurrencies time to time come up as a result of causing huge profit or lose, they are frequently used for payment and transfer of funds. Today, we witness the increased number of attempts to take the cryptocurrency transactions under control. The leading steps with regards to this purpose are the legal regulations. Measures currently in force and those planned to be enacted can be categorized into preventative regulations aiming to combat the risks brought about by the advent of crypto assets such as money laundering and terrorism financing, and other measures aspiring to incorporate crypto assets into the broader economy. On the other hand, we also witness some countries which totally prohibit cryptocurrencies or have taken no regulatory actions as well as international organizations focusing on tax policy. Based on these developments, while we think that uncertainty will still prevail in the crypto world for some time, it will gradually make way for new, regulated markets as states slowly realize the power crypto holds.
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