Crypto assets in terms of capital market law

Crypto asset is a digital data created and used by blockchain which is a unique technology. Blockchain enables realisation of peer-to-peer transactions without any need for an intermediary between the system users. Even though crypto asset has been created primarily in order to find an alternative for electronic payment systems, unique nature of the technological system has enabled creation of crypto assets for various purposes. Crypto assets are created and offered to the public in order to fund or meet the financial needs of an initiative project; in return, funds are collected from the participants. Such financing method is called as initial coin offering. Although crypto assets offered by means of initial coin offering have different qualities, a part of them shows similarity to the rights provided by securities. All crypto assets which have been issued become the subject of change in online platforms; accordingly, a secondary market is created for crypto assets. In addition, online platforms may provide intermediation, custody or advisory services with relation to crypto assets. Formation of a legislative regulation for initial coin offering and crypto asset service providers is a current legal issue. In terms of initial coin offerings, it is required to determine legal nature of released crypto assets and to evaluate in which cases they may be included in capital market regulations. In terms of crypto asset service providers, it is of great importance to determine legal nature of the contract between the online platform and the user. Besides, crypto vii asset market bears certain risks for participants of the crypto asset market. It is required to determine such risks and to evaluate the market within the scope of principle of protection of investor, which is one of the most significant objectives of the capital market. Keywords: Crypto Asset, Initial Coin Offering, Crypto Asset Service Providers, Crypto Asset Market, Risks of Crypto Asset Market.