The legal nature of crypto-assets is one of the most important issues in Turkish crypto-asset law. How a crypto-asset is legally defined may directly affect its treatment under private law, capital markets law, enforcement law, inheritance law, tax law and criminal law.

The first main statutory framework on crypto-assets in Turkey was introduced through Law No. 7518, which amended the Turkish Capital Markets Law No. 6362. With this amendment, crypto-assets were defined at statutory level for the first time, creating a basic legal framework for crypto-assets under Turkish law.

Definition of Crypto-Assets under Turkish Law

Under Law No. 7518, crypto-assets are defined as intangible assets that can be electronically created and stored by using distributed ledger technology or similar technology, distributed through digital networks, and capable of expressing value or rights.

This definition shows that Turkish law approaches crypto-assets through three main elements:

They can be created and stored electronically,

They can be distributed through digital networks,

They are intangible assets capable of expressing value or rights.

When these elements are considered together, it becomes clear that Turkish law does not treat crypto-assets merely as technical records or digital data. The legislator recognizes that these assets may have economic or legal value.

Importance of the Term “Intangible Asset”

The most significant expression in the Turkish definition of crypto-assets is “intangible asset”. This term indicates that crypto-assets are not physical objects, but may still be treated as assets with legal and economic relevance.

Intangible assets are different from physical goods that can be held, delivered or possessed in the traditional sense. Trademarks, patents, copyrights, licenses, know-how and similar rights may also be associated with the broader concept of intangible assets under Turkish law.

By defining crypto-assets as intangible assets, Turkish law recognizes that they do not have a physical existence, but may nevertheless create legal and economic consequences.

Are Crypto-Assets Property?

Whether crypto-assets can be treated as property under Turkish law is a separate and complex issue. Traditional property law is generally based on assets that have a physical existence. Crypto-assets, however, do not have a physical form.

For this reason, it may be difficult to treat crypto-assets as movable property in the classical sense. The legislator’s choice of the term “intangible asset” is therefore important. It positions crypto-assets not as physical objects, but as a category of digital assets capable of expressing value or rights.

However, this does not mean that crypto-assets are outside legal protection. On the contrary, the statutory definition provides a more concrete legal basis for crypto-assets to be transferred, stored, inherited, attached, or assessed in legal disputes.

The Element of Expressing Value or Rights

Another important element of the definition is that crypto-assets may express value or rights. This wording shows that crypto-assets should not be understood only as digital assets with monetary value.

A crypto-asset may express economic value. For example, it may be bought and sold in the market, have a price or be held for investment purposes.

A crypto-asset may also express a right. For example, it may be connected to access to a service, use of a digital product, participation in a platform or contractual rights relating to a specific project.

Therefore, the Turkish definition prevents crypto-assets from being understood only as “digital money”. It treats them as a broad category that may be connected both to economic value and legal rights.

Distributed Ledger Technology and Similar Technologies

The definition states that crypto-assets may be created and stored electronically by using distributed ledger technology or similar technology.

This wording shows that the legislator did not limit the definition only to existing blockchain technology. The reference to “similar technology” may allow future technological models to fall within the scope of the definition.

This is important because crypto-asset technology develops rapidly. If legal definitions were tied too strictly to today’s technology, future models could fall outside the scope of regulation.

The flexible wording of the definition may therefore help Turkish crypto-asset law adapt to future technological developments.

Distribution through Digital Networks

Another element of the definition is distribution through digital networks. This reflects the network-based and often cross-border nature of crypto-assets.

Crypto-assets are usually transferred, stored and traded through digital networks rather than traditional registration systems. This may create legal questions that are different from those arising in relation to traditional financial assets.

For example, questions may arise regarding where a crypto-asset is located, which law applies to it, through which platform it was transferred and in which wallet it is held.

For this reason, the reference to digital networks is an important element of the statutory definition.

Importance under Private Law

The definition of crypto-assets as intangible assets may have several consequences under private law.

Crypto-assets may become the subject of contracts. Sale, custody, collateral, service, investment and usage agreements may all be connected to crypto-assets.

They may also become relevant under inheritance law. If a person dies while holding crypto-assets, questions may arise as to whether these assets form part of the estate, how heirs may access them and how private keys or wallet information should be handled.

Crypto-assets may also raise issues under enforcement law. Attachment, preservation and realization of crypto-assets may create both legal and technical challenges because these assets do not have a physical existence.

Importance under Capital Markets Law

The inclusion of crypto-assets within the Turkish Capital Markets Law shows that they may also be relevant from a capital markets perspective.

Not every crypto-asset is a capital market instrument. However, some crypto-assets may resemble capital market instruments depending on the rights they provide and their economic function. In such cases, the regulatory and supervisory powers of the Turkish Capital Markets Board may become relevant.

Therefore, determining the legal nature of crypto-assets is not only a theoretical issue. It may have direct consequences for issuance, listing, platform activities, custody services, investor disclosures and market supervision.

Crypto-Assets Are Not Official Currency

The classification of crypto-assets as intangible assets does not mean that they are recognized as official currency under Turkish law. Crypto-assets may have economic value, but this does not give them the same legal status as the Turkish Lira or another official currency.

This distinction is important for payment transactions, performance of debts, electronic money, taxation and accounting.

The fact that a crypto-asset has market value or may be used in practice for payment purposes does not automatically make it money or electronic money. Its legal nature must be assessed according to the relevant legislation and the structure of the asset.

Future Legal Issues under Turkish Law

Defining crypto-assets as intangible assets is an important starting point. However, this definition does not solve all legal issues by itself.

In the coming period, the following issues are likely to be discussed more frequently under Turkish law:

The position of crypto-assets as assets under private law,

Attachment and enforcement of crypto-assets,

Inheritance of crypto-assets,

Use of crypto-assets as collateral,

Taxation of crypto-assets,

Accounting treatment of crypto-assets,

Liability in case of loss or theft of crypto-assets,

Treatment of crypto-assets under consumer and investor protection rules.

These issues show that the legal nature of crypto-assets is not limited to capital markets law. It has broader implications across different areas of Turkish law.

Conclusion

The legal nature of crypto-assets under Turkish law has become clearer with Law No. 7518. The Law defines crypto-assets as intangible assets that can be electronically created and stored by using distributed ledger technology or similar technology, distributed through digital networks and capable of expressing value or rights.

This definition shows that crypto-assets are not physical goods, but they may still have economic and legal value. The term “intangible asset” provides an important starting point for assessing crypto-assets under Turkish private law and capital markets law.

Nevertheless, further regulation and practice will be needed in the future. Issues such as inheritance, enforcement, taxation, custody, private key management and platform liability are likely to create new legal discussions under Turkish law.

For this reason, the legal assessment of crypto-assets should consider not only their technical structure, but also the value or rights they express, their purpose of use and the regulatory framework applicable to them.