NEWSLETTER-2020-metin

101 CAPITAL MARKETS LAW Money: There is no definition of “money” under Turkish law. However, Article 99 of Turkish Code of Obligations numbered 6098 regulates that monetary obligations shall be paid with domestic cur- rency. Domestic currencies are defined as “currencies which have been issued by the authorized organs of a country.” 2 Cryptocurrencies are “independent” since they are not regulated by any country or au- thority. Therefore, some opinions defend that cryptocurrencies do not fall into the scope of the definition of “money” under our legislation 3 . Electronic Money: Electronic money is defined under the Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions numbered 6493 as the “monetary value that is issued upon receipt of funds by an electronic money issuer, stored electronically, used to make various payment transactions, and accepted as a payment instrument, also by real and legal per- sons other than the electronic money issuer.” As is understood from the definition, electronic money under Turkish law is issued by legal entities that have been authorized by the Central Bank of the Turk- ish Republic. Therefore, it is possible to say that the cryptocurrencies do not fall into the scope of this definition. Moreover, the Banking Regulation and Supervision Agency has declared that: “ [t] he Bitcoin is not issued by an official or private institution and does not grant a security in return and, therefore, it cannot be defined as electronic money under Law numbered 6493, and it is not possible to inspect and supervise it under the said law” 4 . Goods: The Turkish Civil Code numbered 4721 does not define “goods”. However, as accepted in the doctrine, the properties that may be possessed and have a materiality, except for persons, are defined as goods 5 . There are opinions that cryptocurrencies cannot be defined 2 Kılıçoğlu, Ahmet M ; Borçlar Hukuku Genel Hükümler, 14. ed., Ankara, Turhan Kitabevi, 2011, p. 584. 3 Turansoy, Asuman : “Kripto Paraların Ortaya Çıkmaları ve Hukuki Nitelikleri,” Banka ve Ticaret Hukuku Dergisi 2019, V. XXXV, No. 3, p. 48. 4 Bankacılık Denetleme ve Düzenleme Kurumu, Ödeme Sistemleri ve Elektron- ik Para Kuruluşları’na ilişkin Sıkça Sorulan Sorular, https://www.bddk.org.tr/ Sss-Kategori/Odeme-Sistemleri-ve-Elektronik-Para-Kuruluslari/3 (Access date: 18.11.2020). 5 Bilgili,Fatih;Cengil,Fatih :BitcoinÖzelindeKriptoParalarınEşyaNiteliğiSorunu,