Web3 is a conceptual framework for the next iteration of the internet built on decentralized blockchain infrastructure, where user identity, asset ownership, and platform participation are mediated by cryptographic primitives rather than centralized intermediaries. Where Web1 was read-only and Web2 was read-write-but-platform-mediated, Web3 aspires to be read-write-own — with the user holding cryptographic title to identity, content, and economic rights.
The Web3 stack typically comprises: base layer (Layer-1 blockchains — Ethereum, Solana, Avalanche, Bitcoin); scaling layer (Layer-2 rollups, sidechains, app-chains); protocol layer (DeFi protocols, NFT marketplaces, DAOs, infrastructure primitives like Chainlink oracles); application layer (consumer dApps, wallets, gaming, social); and identity / interoperability layer (ENS, decentralized identity, cross-chain bridges).
From a legal perspective, Web3 raises distinct considerations across multiple domains: securities classification (Howey Test analysis for token offerings); AML/KYC (Travel Rule, FATF guidance, MASAK in Türkiye); data protection (GDPR/KVKK right-to-be-forgotten vs. blockchain immutability); tax characterization (token transactions, DeFi yield, NFT royalties); consumer protection (smart-contract risk, fraud, asset recovery); and jurisdictional analysis (which country’s law applies to a permissionless global protocol).
Vircon Legal operates as crypto-native counsel across the Web3 stack — advising protocols, foundations, DAOs, DeFi projects, NFT platforms, and Web3 infrastructure operators on entity structuring, token issuance, AML/KYC compliance, cross-border execution, and the integration of on-chain mechanics with off-chain commercial agreements.
Web3’s legal coordinates in Türkiye
Web3 business models meet Turkish law at three fixed points. Token issuance and trading: the 7518 amendments to the Capital Markets Law brought crypto-asset service providers under SPK licensing, with MASAK AML obligations and travel-rule expectations layered on top. Entity design: DAOs have no Turkish legal personality, so on-chain governance needs an off-chain wrapper (foundation, company) to contract, hold IP and pay people — the wrapper choice drives tax and liability. Data and consumers: wallet addresses can be personal data under KVKK, NFT sales to consumers trigger distance-sales rules, and marketing claims about decentralisation are testable statements. The teams that scale are those whose token, entity and data architectures were designed together rather than retrofitted after listing.