NEWSLETTER-2020-metin

102 NEWSLETTER 2020 as goods since they cannot fulfil the criteria of materiality due to the reason that they are traded only through digital platforms 6 . However, it should be added that there is an opinion which defends that the pro- visions on goods shall be applied to cryptocurrencies by analogy 7 . Securities: Pursuant to Article 3 of the Capital Market Law num- bered 6362, the securities are defined as “with the exception of money, cheques, bills of exchange and promissory notes; 1) shares, other securities similar to shares and depositary receipts related to these shares, 2) debt instruments or debt instruments based on securitized assets and revenues, as well as depository receipts related to these securities.” As is understood from the definition, it is also not possible to define cryptocurrencies as securities. Moreover, it shall be noted that under Bulletin numbered 2018/42, the Capital Markets Board has explicitly stated that the sale of cryptocurrencies falls outside their regulation and supervision scope 8 . The current definitions under Turkish law are not sufficient to define the Bitcoin. Therefore, the relevant legislation of the Bitcoin and the competent authority for its supervision remains uncertain for now. Although there has not been an official announcement, there are expectations that the Capital Markets Board will take steps for the supervision and monitoring of the Bitcoin 9 . Bitcoin under Foreign Legislations There is no aligned opinion on the Bitcoin’s legal nature in foreign legislations. The European Court of Justice states in their ruling dated October 22, 2015 that payments made with the Bitcoin are no differ- ent from any other payment methods, and it evaluates the Bitcoin as https://www.academia.edu/40037816/BITCOIN_%C3%96ZEL%C4%B0NDE_ KR%C4%B0PTO_PARALARIN_E%C5%9EYA_N%C4%B0TEL%C4%B0% C4%9E%C4%B0_SORUNU_THE_QUESTION_OF_PROPERTY_QUALI- FICATION_OF_CRYPTOCURRENCIES_SPECIFIC_TO_BITCOIN (Erişim tarihi: 19.11.2020). 6 Bilgili / Cengil . 7 Bilgili / Cengil . 8 https://www.spk.gov.tr/Bulten/Goster?year=2018&no=42 (Access date: 19.11.2020). 9 https://uzmancoin.com/bitcoin-kripto-para-spk/ (Access date: 19.11.2020).