Critical Decision for Cryptocurrencies from the Turkish Court!

The Turkish legal system finally met cryptocurrencies and related organizations.

Critical Decision for Cryptocurrencies from the Turkish Court!
Critical Decision for Cryptocurrencies from the Turkish Court!

The Turkish legal system finally met cryptocurrencies and related organizations. The Izmir Regional Court of Justice put an end to the conflict between the Muğla Civil Court of First Instance and the Muğla Commercial Court of First Instance. The court also made a statement regarding the nature of cryptocurrency trading in its decision.

The nature of the company's partner and transactions regarding cryptocurrencies was the subject of discussion

Partner of a company operating in the crypto money exchange in Muğla The person who was the owner of the company filed a lawsuit against the other partner of the company, stating that the company suddenly stopped its activities, closed its website, and became unable to access cryptocurrencies. Meanwhile, the plaintiff claimed that the company had collected money from hundreds of people, including himself, with the promise of receiving cryptocurrencies, making it appear as if they were bought cryptocurrencies. In this context, he also stated that there is an investigation against his partner for the crime of "fraud." . Therefore, the Civil Court sent the file to the Muğla Commercial Court of First Instance. However, the Commercial Court of First Instance stated that although the defendant company was a "trader", the plaintiff did not have a commercial personality and gave a decision of non-jurisdiction on the grounds that the subject of the dispute was not one of the absolute commercial cases included in the Turkish Commercial Code (TTK). The court noted that cryptocurrencies are not, by their nature, a commercial business. He stated that all individuals, whether traders or not, can enter the system and trade cryptocurrencies.

The file has gone to BAM due to the decisions of incompetence

Coinzigzag.com, which we reported as In the case, the Civil Court of First Instance and the Commercial Court of First Instance gave a decision of non-jurisdiction. After that, the case went to the Izmir Regional Court of Justice for the determination of the competent court. The 23rd Civil Chamber of the Izmir Regional Court of Justice decided that the competent court is the Civil Court of First Instance.

The decision of the Law Department is a precedent. Because, the decision was taken unanimously, with the way of appeal closed in accordance with the relevant article of the HMK. In the decision, BAM stated that the case concerned the collection of cryptocurrencies. He also pointed out that in the Turkish Commercial Code, special provisions regarding the stock market were referred to, but there was no legal regulation regarding crypto money exchanges. In its decision, the court emphasized that transactions on the cryptocurrency exchange are made between the buyer and the seller. Therefore, it determined that the disputed case is not an absolute or relative "commercial case".