LEGAL NATURE OF CRYPTOCURRENCIES? There are no legal regulations for cryptocurrencies in Turkey and in many regions of the world. Encrypted virtual coins specific to Digital Media Create a growing market with their risks and problems without the possibility of intervention in an uncontrolled system.
This article, which has been used since 2008 but is ignored by the states, consists of software algorithms. It is a technology that cannot be changed, deleted and tracked. In order for it to be money from a technical point of view, it is necessary to have provisions and to be assured from this point of view. In order to protect the value of money and be resistant to manipulation, its number must be specific and controlled. It is a quality that facilitates the unfair gain of values produced with a virtual hypothetical limit or unlimited capacity without such a requirement. It is also a social disadvantage that it is not included in the taxation system.
LEGAL NATURE OF CRYPTOCURRENCIES
Because their use and transactions are not under the guarantee of any official authority, cryptocurrencies that contain many risks and negative features are unlikely to reverse errors or malicious interventions. This area, which is instrumental in the derivation of formations that promise large profits, also causes serious financial losses. This commodity, which has played a role in changing the ranking of the world’s richest, is still the subject of many acts of fraud due to its lack of widespread, far from CMB supervision, not resistant to speculation, uncontrolled circulation and austerity.
According to the Financial Crimes Investigation Commission (MASAK), cryptocurrency transactions that were formerly considered suspicious transactions are now examples of narrower and more specific types of transactions. It is necessary for society to be very careful about these coins. Generally accepted, storage and circulation of possible cryptocurrencies in terms of protecting the value of economic provisions, limited number of available and the ability to reproduce, undermines its reliability.
Currently, securities issued by government agencies will not be considered, nor will they be considered money under our criminal laws. In light of the current regulations, the acceptance of cryptocurrencies as goods can only be evaluated.
Buying, selling or trading cryptocurrencies (cryptocurrency exchange management) is not a crime or a ban in our country. But since there is no provision regulating the legal status of cryptocurrencies, fraud is likely to cause victimization by being the subject of crimes of the type of fraud.
In Turkish law, the nature, therefore, judging from the state of virtual money is still ambiguous tax collection in the world, decide to be a currency of the European Court of justice in 2015, Canada in gold, silver is considered a commodity in the UK, such as on an exchange basis, is evaluated. There are no legal barriers to trading cryptocurrencies that are not regulated in Turkish law. But conduct such as fraud through cryptocurrency will of course constitute a crime.