The bank warned that crypto assets entail significant risks to the relevant parties due to the following reasons: They are neither subject to any regulation and supervision mechanisms nor a central regulatory authority, their market values can be excessively volatile, they may be used in illegal actions due to their anonymous structures, wallets can be stolen or used unlawfully without the authorization of their holders, and transactions are irrevocable.

“It is considered that their use in payments may cause non-recoverable losses for the parties to the transactions due to the above-listed factors and they include elements that may undermine the confidence in methods and instruments used currently in payments,” the bank added.

The regulation will enter into force as of April 30, said the Official Gazette early Friday. (ILKHA)