TURUNÇ has advised Boğaziçi Ventures on its follow-on investment in Fiber Games, a hyper casual games-focused game development studio. Arz Portföy also joined the round. TURUNÇ had also advised Boğaziçi Ventures on its initial investment in Fiber Games. Boğaziçi Ventures is a leading Turkish Capital Markets Board-regulated venture capital fund focused primarily on fintech, health tech, retail tech and gaming. The TURUNÇ team included Kerem Turunç, Beste Yıldızili Ergül, Naz Esen, Baran Ezeli and Batuhan Eraslan. Please see here for more information (in Turkish).
TURUNÇ has advised Gelecek Etki Fonu (Future Impact Fund) on its investment in Novus, a provider of customizable, on-premise AI and LLM solutions for enterprises. Sabancı Ventures, Inveo Ventures and other investors also joined the round. Gelecek Etki Fonu is a Capital Markets Board-regulated venture capital fund managed jointly by Tacirler Asset Management, a leading asset management company and Vestel Ventures, the corporate venture capital arm of Vestel, one of the largest home appliances companies in Turkey and a group company of Zorlu Holding, a large Turkish conglomerate. The TURUNÇ team included Kerem Turunç, Esin Çamlıbel, Naz Esen, Beste Yıldızili Ergül, Övgü Kopal, Canberk Taze and Batuhan Eraslan. Please see here more information.
TURUNÇ has advised Boğaziçi Ventures on its investment in Magfi, a platform that allows advertisers to reach communities on Telegram and Discord simultaneously. Eleven VC also joined the round. Boğaziçi Ventures is a leading Turkish Capital Markets Board-regulated venture capital fund focused primarily on fintech, health tech, retail tech and gaming. The TURUNÇ team included Kerem Turunç, Beste Yıldızili Ergül, Naz Esen, Övgü Kopal, Canberk Taze, Baran Ezeli and Batuhan Eraslan. Please see here for more information.
Sermaye Piyasası Kurulu (“Kurul”), 8 Ağustos 2024 tarihli ve 2024/38 sayılı bülteninde kripto platformlarının kuruluş şartlarını yayımlamıştır.[1] Kuruluş şartların özetini aşağıda takdim ediyoruz. Kuruluş izni alan platformların faaliyet izni almak üzere Kurul’a ayrıca bir başvuru yapması da gerekecektir.[2] (A) Platforma İlişkin Şartlar (B) Kuruculara, Ortaklara ve Yöneticilere İlişkin Şartlar – Platform kurucularının, – platform ortaklarının, – platform yöneticilerinin,[5] – platformların dağıtılabilir kârının yarısından fazlasını tek başına alma hakkını haiz olan gerçek kişilerin, – platformun şirket esas sözleşmesi uyarınca yönetim kurulunda üye sayısının yarısından fazlasını seçme veya aday gösterme hakkına sahip olan gerçek kişilerin ve – platformların tüzel kişi kurucu ortaklarının sermayesinin veya oy haklarının doğrudan veya dolaylı olarak (a) yüzde on veya daha fazlasını temsil eden payları ile (b) bu oranın altında olsa dahi yönetim kurulunda temsil edilme hakkı veren imtiyazlı paylarına sahip ortaklarının[6] şu şartları haiz olması gerekmektedir: Platformların sermayesinin veya oy haklarının doğrudan veya dolaylı olarak yüzde on veya daha fazlasını temsil eden payları ile bu oranın altında olsa dahi yönetim kurulunda temsil edilme hakkı veren imtiyazlı paylarına sahip gerçek ve tüzel kişi ortakları ile ikinci dipnotta açıklandığı üzere kuruluştan sonraki ortaklık yapısı değişiklikleri sonucu payları iktisap eden kişilerin, “gerekli mali güç ve isin gerektirdiği dürüstlük ve itibara sahip bulunması” şartı dışındaki şartlardan birini kaybetmeleri hâlinde, sahip oldukları payları şartları sağlayan kişilere altı ay içinde devretmeleri gerekmektedir. (C) Kuruluş Başvurusu Platformların, Kurul’a yapacakları kuruluş başvurusunda aşağıdakiler de dâhil olmak üzere geniş kapsamlı bilgi ve belge sunmaları gerekmektedir:[8] Yukarıda da belirttiğimiz üzere, kuruluş izni alan platformların faaliyet izni almak üzere Kurul’a ayrıca bir başvuru yapması gerekecektir. Faaliyet şartlarına ilişkin düzenlemeler henüz Kurul tarafından yapılmamıştır. ________________ Yukarıda anılan hususlar, ilgili konuların genel bir değerlendirmesidir ve hukuki mütalaa niteliğinde değildir. Her durum ayrıca incelenerek, kendi özellikleri çerçevesinde değerlendirilmeli, hukuki yapı buna göre tertip edilmelidir. İhtiyaçlarınız doğrultusunda bu yol haritasının uçtan uca bir versiyonunu takdim etmek üzere bilgilerinizi bekliyoruz. Konuyla ilgili sorularınıza İltem Dokurlar ([email protected]), Naz Esen ([email protected]) ve Baran Ezeli ([email protected]) memnuniyetle cevap verecektir. [1] Platformlar dışında kalan kripto varlık hizmet sağlayıcıların kuruluşu veya faaliyetlerine ilişkin esaslar Kurul tarafından henüz belirlenmemiştir. Bkz. Kripto Varlıklara İlişkin Kanun bilgi notumuz. [2] Faaliyet şartlarına ilişkin düzenlemeler Kurul tarafından ayrıca yapılacaktır. [3] Bu tutar faaliyet esaslarına yönelik çıkarılacak ilave düzenlemeler ile artırılabilecektir. [4] Yönetim kurulu üyelerinin çoğunluğunun dört yıllık lisans eğitimi veren okullardan mezun olmuş olmaları gerekmektedir. Bu şart uyarınca, platform yönetim kurulu üyelerinin en azından çoğunluğunun gerçek kişi olması gerektiği anlaşılmaktadır. [5] Yöneticiler, yönetim kurulu üyeleri, genel müdür, genel müdür yardımcısı ile ünvanı fark etmeksizin yetki ve görevleri itibarıyla genel müdüre ve genel müdür yardımcısına denk konumda görev yapan veya platformu temsile yetkili kılınmış personeldir. [6] Kuruluştan sonraki ortaklık yapısı değişikliklerinde, platformların sermayesinin veya oy haklarının doğrudan veya dolaylı olarak yüzde on veya daha fazlasını temsil eden payları ile bu oranın altında olsa dahi yönetim kurulunda temsil edilme hakkı veren imtiyazlı paylarına sahip tüzel kişi ortaklarının, (a) sermayesinin veya oy haklarının doğrudan veya dolaylı olarak yüzde on veya daha fazlasını temsil eden payları ile (b) bu oranın altında olsa dahi yönetim kurulunda temsil edilme hakkı veren imtiyazlı paylarına sahip ortaklarının da bu şartları taşıması gerekmektedir. [7] Yöneticiler mali güç şartından muaftır. [8] Kurulun 02.07.2024 tarihli duyurusu uyarınca hazırlanan “Faaliyette Bulunanlar Listesi”nde yer alan veya alacak şirketlerin, kuruluş şartlarını sağlayarak 08.11.2024 tarihi mesai bitimine kadar Kurul’a başvurması gerekmektedir.
TURUNÇ authored the Turkish chapter of Lexology Panoramic’s Data Protection & Privacy (2025) title. The contributing lawyers were Esin Çamlıbel, Beste Yıldızili Ergül, Naz Esen and Canberk Taze. The publication, previously known as Getting the Deal Through, is a comparative guide of the legislation relating to data protection and privacy in 35 jurisdictions. In addition to Turkey, the jurisdictions covered by the 2025 edition are Armenia, Australia, Austria, Belgium, Bermuda, Canada, Chile, China, France, Germany, Greece, Hong Kong, Hungary, India, Indonesia, Ireland, Italy, Japan, Kazakhstan, Malaysia, Malta, New Zealand, Pakistan, Poland, Portugal, Serbia, Singapore, South Korea, Switzerland, Taiwan, Thailand, UAE, United Kingdom and the United States. The contributing editors are Aaron P. Simpson and Lisa J. Sotto of Hunton Andrews Kurth LLP. An interactive version of the guide is available on Lexology’s website. You can download the Turkey chapter here. Please see our Publications page for other downloads. Reproduced with permission from Law Business Research Ltd.
TURUNÇ authored the Turkish chapter of Lexology Panoramic’s Automotive & Mobility (2024) title. The contributing lawyers were Esin Çamlıbel, Beste Yıldızili Ergül, Naz Esen and Canberk Taze. The publication is a comparative guide of the legislation relating to the regulation of the automotive industry in 19 jurisdictions. In addition to Turkey, the jurisdictions covered by the 2023 edition are Canada, China, France, Germany, Hungary, India, Indonesia, Italy, Japan, Mexico, the Netherlands, Poland, Spain, Sweden, UAE, United Kingdom, United States and Vietnam. The contributing editors are Patrick Ayad and Lance Bultena of Hogan Lovells. An interactive version of the guide is available on Lexology’s website. You can download the Turkey chapter here. Please see our Publications page for other downloads. Reproduced with permission from Law Business Research Ltd.
TURUNÇ has advised Boğaziçi Ventures on its follow-on investment in Hiwell, an online therapy platform. Eksim Ventures, Ünlü & Co and Kinesis Teknoloji Yatırımları also joined the round. TURUNÇ had also advised Boğaziçi Ventures on its initial investment in Hiwell. Boğaziçi Ventures is a leading Turkish Capital Markets Board-regulated venture capital fund focused primarily on fintech, health tech, retail tech and gaming. The TURUNÇ team included Kerem Turunç, Esin Çamlıbel, Naz Esen, Baran Ezeli and Batuhan Eraslan. For more information, please see here (in Turkish).
Turkey’s first legislation governing crypto assets (the “Crypto Law”) entered into force on July 2, 2024. We present below a summary of the Crypto Law, which made significant amendments to the Turkish Capital Markets Law. 1. General Overview The Crypto Law authorizes the Turkish Capital Markets Board (the “Board”) to regulate (a) crypto assets that accord rights specific to capital markets instruments and (b) the sale and distribution of crypto assets created by using distributed ledger technology (or similar technology) and whose value cannot be separated from such technology. The Board’s primary authority is to regulate the sale and purchase, and distribution of such crypto assets on crypto platforms without subjecting them to general rules governing securities. The Board is also authorized to regulate crypto platforms themselves. Accordingly, unlike the Markets in Crypto-Assets Regulation (MiCA), for example, the Crypto Law does not regulate all crypto assets or their underlying technology. That said, crypto assets that fall outside the scope of the Crypto Law may be subject to other legislation, and such crypto assets may be subject to the Crypto Law if they are traded on crypto platforms after their initial sale. 2. Issuances The Crypto Law permits the issuance of capital markets instruments as crypto assets (i.e., tokenization). The Board has the authority to promulgate secondary legislation regarding such issuances. Platforms will be required to adopt listing rules for the initial offering, distribution and trading of crypto assets that they admit. The Board has the authority to promulgate secondary legislation regarding such rules. As a rule, platform customers will need to keep their crypto assets in their own wallets. However, if they do not wish to maintain their own wallets, authorized banks and other authorized institutions will be permitted to provide custody services. In such cases, customers’ cash must be deposited in banks. 3. Crypto Asset Service Providers Under the Crypto Law, crypto asset service providers (CASPs) are defined as “platforms, custodians and other institutions providing services (e.g., initial offering, distribution) prescribed by the Board. All CASPs must obtain Board approval to operate, and the scope of their operations will be limited to the approval granted by the Board. The Board is required by the Crypto Law to promulgate secondary legislation relating to the operations of CASPs within six months of the effective date of the Crypto Law (i.e., by January 2, 2025). During that time, existing CASPs have to deliver one of the following two undertakings to the Board by August 2, 2024: (a) an undertaking that they will apply for a CASP license once relevant secondary legislation has been published or (b) an undertaking to start liquidation proceedings within three months and not to accept new customers during liquidation. Companies not operating as a CASP as of the effective date of the Crypto Law and want to start operating as such before relevant secondary legislation has been promulgated will be required to submit the former undertaking to the Board. Strict financial and background rules will be applicable to direct and indirect shareholders, and directors of CASPs. Share transfers will be subject to prior approval by the Board. IT systems of CASPs will need to meet the standards set by the Turkish Scientific and Technological Research Council (TÜBİTAK), a governmental agency, and be subject to independent audit. Platforms (but not other CASPs) will be required to contribute 1% of their revenues (before interest earnings) for the previous year to the Board, and 1% to TÜBİTAK. 4. Penalties Representatives of unauthorized CASPs will be subject to imprisonment for three to five years, as well as monetary fines. The definition of unauthorized CASPs include non-Turkish companies that (a) target Turkish residents (e.g., by opening an office in Turkey, creating a Turkish-language website, or undertaking publicity or advertising through firms in Turkey) or (b) provide crypto asset services prohibited by the Board to Turkish residents. Foreign CASPs must cease operations directed at Turkish residents within three months of the effective date of the Crypto Law (i.e., by October 2, 2024). Similarly, any crypto ATMs and similar machines must cease operations by October 2, 2024. CASPs are liable, subject to certain limited exceptions, for losses suffered by customers due to breaches of their IT systems and actions of their personnel. Furthermore, general liability provisions of the Turkish Capital Markets Law relating to violations of securities laws will normally apply to CASPs. The Crypto Law sets forth severe penalties for the embezzlement of crypto assets (including, for example, their illegal transfer to third parties). Directors of, and potentially other persons associated with, CASPs found guilty of embezzlement will be subject to imprisonment for 8 to 14 years, as well as monetary penalties. Such persons will also be required to reimburse the losses of the CASP. The legislative history of the Crypto Law makes specific reference to recent scandals such as FTX, and indicates that the penalties are more severe than the penalties for other financial institutions because of the nature of crypto assets and the generally irreversible nature of crypto transactions. 5. Secondary Legislation The Board is expected to promulgate a plethora of secondary legislation over the next several months, including, among other things, relating to licensing rules for CASPs; issuance, distribution, trading and custody of crypto assets; listing rules of platforms; customer agreements of CASPs; crypto asset management services; and advertising and publicity rules. ________________ The foregoing is a general overview of the relevant topics and does not constitute legal advice or opinion. Each situation must be examined on its own merits and the relevant legal structure constructed accordingly. İltem Dokurlar ([email protected]), Naz Esen ([email protected]) and Baran Ezeli ([email protected]) would be happy to answer any questions you have about the above. A Turkish summary of the Crypto Law is available here.
TURUNÇ has advised Gelecek Etki Fonu (Future Impact Fund) on its investment in Mindsite, an e-commerce metrics analytics platform. Finberg, the Turkish Technology Development Foundation, TT Ventures also joined the round. Gelecek Etki Fonu is a Capital Markets Board-regulated venture capital fund managed jointly by Tacirler Asset Management, a leading asset management company and Vestel Ventures, the corporate venture capital arm of Vestel, one of the largest home appliances companies in Turkey and a group company of Zorlu Holding, a large Turkish conglomerate. The TURUNÇ team included Kerem Turunç, Esin Çamlıbel, Naz Esen and Beste Yıldızili Ergül. Please see here more information (in Turkish).
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