Isn’t It Time to Move from “Intangible Asset” to “Digital Asset”? A Proposal to Amend Türkiye’s Capital Markets Law

Crypto-assets are defined in Türkiye’s Capital Markets Law No. 6362 (the CML) as “intangible assets” in terms of asset type.

This wording dates back to the earliest days of the global debate on how to characterise crypto-assets. Over the past few years, however, many leading economies have begun classifying them as “digital assets” or “virtual assets” and subjecting them to dedicated legal regimes.

As a result, the “intangible asset” label no longer aligns with the digital-asset approach now used in financial reporting and taxation, and it imposes constraints on fair-value measurement.

A Forward-Looking Accounting Shift in Türkiye

Türkiye’s Public Oversight Authority (KGK) recently took an innovative step—mirroring a move first seen in the United States—by allowing certain crypto-assets that meet specific criteria to be reported under the “Digital Assets” heading and measured at fair value.

The U.S. Financial Accounting Standards Board paved the way by requiring fungible crypto-assets satisfying detailed conditions (initially framed around Bitcoin) to be carried at fair value in every reporting period.

Following that lead, KGK amended the financial reporting standards for large and medium size entities, enabling companies to introduce a separate “digital asset” line in their financial statements. This change enhances transparency and helps firms manage balance-sheet volatility, encouraging businesses to invest in crypto-assets.

Global Direction of Travel

In major economies worldwide, crypto-assets are increasingly defined either as:

• “crypto-assets” that are the digital representation of a right or value, or
• a distinct asset class labelled “digital assets” or “virtual assets,” each with its own legal framework.

Tax and financial-reporting rules are rapidly moving away from the “intangible asset” concept toward this modern classification.

Why Türkiye Should Adopt the Digital-Asset Definition

1. Alignment and Consistency: Brings Turkish practice into line with the financial reporting standards for large and medium size entities and the regulatory frameworks of leading economies.
2. Transparency: Fair-value measurement provides real-time risk insights for investors.
3. A New Financing Edge: Clear balance-sheet treatment makes it easier for corporate treasuries to hold assets such as Bitcoin or Ether.
4. Reg-Tech Compatibility: Financial Crimes Investigation Board, the Capital Markets Board, and the Revenue Administration can integrate digital-asset–based blockchain analytics into their data sets.

A Concise Legislative Update

Considering these factors, we believe that the CML’s core definition of crypto-assets should be modernised. Setting aside secondary elements, the phrase:

“…an intangible asset that represents a value or right…”

should be replaced with:

“…a digital asset that is the digital representation of a right or value…”

A targeted change that would align Türkiye with global best practices while providing a solid legal foundation for the country’s rapidly evolving digital-asset ecosystem.