In Turkey, there is no legislation specifically designed to regulate blockchain projects and cryptocurrencies that would be applied uniformly by all regulators and courts. The regulation of relationships is not within the jurisdiction of a single agency: banking activities are supervised by the Banking Regulation and Supervision Agency, other financial institutions, by the Capital Markets Board ("CMB"), and the non-financial sector, by the Undersecretary of the Treasury. The central body for reporting suspicious transactions in Turkey is MASAK, the Financial Crimes Investigation Board, a service unit established within the Ministry of Finance.
Definiteness of Legal Regulation
In Turkey, there is no comprehensive legislation specifically designed to regulate relations in the domain of blockchain and cryptocurrencies. The legal relations associated with the use of blockchain and cryptocurrencies are regulated to some extent by various legislative acts and decisions of the regulators, while regulation is built rather by analogy with other similar legal relations, and does not take into account the specific features of blockchain projects. So far, Turkey made no official statement on the status of bitcoins and cryptocurrencies. At the same time, based on the information of the deputy chairman of the Turkish Nationalist Movement Party, it appears that the use of cryptocurrencies in the country is legal. The main regulatory framework is set by the law governing the use of electronic money and electronic payments in Turkey, namely the Law on Payment and Securities Settlement Systems. ICOs are currently allowed in Turkey, although they are not regulated by any special legislation.
Stability of Legal Regulation
The legislation and law-enforcement practice have changed recently and there are good reasons to assume that they will continue to change in the near and medium term (1-3 years). Certain decisions are possible at the level of the Central Bank of the Republic of Turkey and the Parliament.
Adequacy of Legal Regulation
The legislation and law-enforcement practice are rather indifferent to blockchain projects and cryptocurrencies and do not consider these areas to be worth of special care. In Turkey, there are no tax preferences for companies implementing blockchain projects, and there are no special government financing programs for such companies.