NEWSLETTER-2020-metin

103 CAPITAL MARKETS LAW “money” 10 . The Ministry of Finance of Germany declares that the Bit- coin is neither electronic money nor a foreign currency 11 . The revenue administration of New York accepts the Bitcoin as “intangible goods” in terms of sales taxes; however, it accepts the Bitcoin as “goods” in terms of income and corporate taxes 12 . Moreover, it shall be noted that there are many disputes arising from the Bitcoin in foreign countries, and such disputes are before the courts. For instance, the case filed by Ira Kleiman and W/K Info Defense Reserach LLC against Craigh Wright who is the alleged in- ventor of the Bitcoin is related to the ownership of a large number of Bitcoins 13 . Various opinions believe that this case will set a precedent for future disputes on the Bitcoin 14 . Conclusion Cryptocurrencies, especially the Bitcoin, are referred to as “inde- pendent” currencies, since they are not subject to the supervision and regulation of any authority. While some investors find this indepen- dency concerning, many investors define the Bitcoin as the biggest investment of the future. It appears that the foreign jurisdictions trying to integrate this subject to their legal system, and also the disputes in this subject, are being submitted to the courts. Although there is no official development in this regard in Turkish legislation, it is certain that any regulation to be made on this subject will have a significant impact on many areas, such as the banking and finance law, capital markets law, taxes, inheritance, property sharing, company capital, and even enforcement and bankruptcy. 10 https://cei.org/blog/germany-legalizes-bitcoin-competing-currencies-are-here (Access date: 19.11.2020). 11 Mert, Alican : Deniz Kabuğundan Kripto Paraya: Bitcoin’in Vergisel Boyutu, 2018, p. 325-328. 12 Mert , p. 333. 13 https://www.theblockcrypto.com/post/78413/craig-wright-kleiman-bitcoin-trial (Access date: 19.11.2020). 14 https://cointelegraph.com/news/wright-v-kleiman-enters-final-act-document-re- veal-may-set-precedent (Access date: 19.11.2020).