TURKEY Law and Practice Contributed by: Sera Somay, Merve Kurdak and Doğa Pınarlı Dedebaş, Paksoy
10.12 NFTs Pursuant to the CMB’s resolution dated 19 Septem - ber 2024, non-fungible tokens (NFTs) are defined as crypto-assets that are non-fungible and unique in nature, used to record the representation and own - ership of digital assets, and such assets, as well as crypto-assets used solely for the purpose of creating or obtaining certain elements in virtual games, fall out - side the listing principles under the CML. Subsequently, under the CMB Communiqués issued thereafter, the activities of entities whose business is to carry out buying, selling, initial sale or distribution, exchange, transfer and custody of such assets are not considered as platform activities. Where platforms provide services in relation to these assets, they must be traded in a separate market distinct from the assets listed in accordance with the CML, and appropriate disclosure must be provided to investors at the point where orders are received, with confirmation that such disclosure has been read and understood prior
through the amendments introduced to the Payment Services Law in 2019. 11.2 Concerns Raised by Open Banking In response to data privacy and security concerns, Turkish banks and technology providers are adopting robust technical and organisational measures, includ - ing encryption, secure API frameworks and multi-fac - tor authentication protocols, while working within the existing Personal Data Protection Law framework. The Personal Data Protection Authority’s 2022 Bank - ing Sector Good Practices Guide notes that both banks and service providers may qualify as data controllers, requiring case-by-case compliance with the Personal Data Protection Law. Regarding cus - tomer secrets, disclosure relies on customer request or instruction. Service banking transfers to interface providers are exempt from this requirement. Fraud, in general, is regulated under the Turkish Crimi - nal Code No. 5237. From a capital markets perspec - tive, in addition to offences such as breach of trust, forgery and embezzlement, market fraud (ie, manipu - lation) is specifically regulated. Market manipulation is defined as carrying out purchase or sale transactions, placing, cancelling or amending orders, or conduct - ing account movements with the aim of creating a false or misleading impression regarding the prices, price movements, supply or demand of capital market instruments. The sanctions include imprisonment and judicial fines. 12.2 Areas of Regulatory Focus 12. Fraud 12.1 Elements of Fraud Under the Turkish Criminal Code No. 5237, fraud com - mitted through the use of information systems, or by using banks or credit institutions as a tool, as well as fraud committed with the aim of procuring the grant - ing of a loan that should not be allocated by a bank or other credit institution, by impersonating an employee of a bank, insurance company or credit institution, or by claiming to be affiliated with such institutions, or by persons who are traders or company directors, or who act on behalf of a company, in the course of their
to order submission. 10.13 Stablecoins
The current scope of crypto-asset regulations focuses on “crypto-assets that grant rights specific to capital markets instruments” in general, and it is not divided into distinct subcategories. Accordingly, stablecoins are not subject to separate regulations.
11. Open Banking 11.1 Regulation of Open Banking
Open banking services are explicitly defined under the applicable legislation as electronic distribution chan - nels where customers or parties acting on behalf of customers can remotely access financial services offered by banks through methods such as applica - tion programming interfaces (APIs), web services or file transfer protocols to conduct banking transactions or give instructions to the bank. Although Türkiye has not directly implemented the European Union’s Payment Services Directive (PSD2), PSD2 has significantly influenced the development of open banking regulations in Türkiye, particularly
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