{"id":10369,"date":"2018-01-24T18:00:00","date_gmt":"2018-01-24T18:00:00","guid":{"rendered":"https:\/\/virconlegal.com\/istanbul-barosu-fintech-kitle-fonlamasi-ico\/"},"modified":"2018-01-24T18:00:00","modified_gmt":"2018-01-24T18:00:00","slug":"istanbul-barosu-fintech-kitle-fonlamasi-ico","status":"publish","type":"post","link":"https:\/\/virconlegal.com\/tr\/istanbul-barosu-fintech-kitle-fonlamasi-ico\/","title":{"rendered":"\u0130stanbul Barosu Fintech Oturumu \u2014 Kitle Fonlamas\u0131 ve ICO&#8217;lar\u0131n Hukuki Niteli\u011fi"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/virconlegal.com\/wp-content\/uploads\/2026\/05\/istanbul-barosu-fintech-2018.jpg\" alt=\"\u0130stanbul Barosu Bili\u015fim Komisyonu \u2014 Fintech Oturumu\" \/><\/p>\n<p>24 Ocak 2018&#8217;de <strong>\u0130stanbul Barosu Bili\u015fim Komisyonu<\/strong> taraf\u0131ndan d\u00fczenlenen <strong>Fintech<\/strong> oturumunda Y\u00f6netici Orta\u011f\u0131m\u0131z <a href=\"https:\/\/www.linkedin.com\/in\/mumtazhacipasaoglu\/\" target=\"_blank\" rel=\"noopener\">Erdem M\u00fcmtaz Hac\u0131pa\u015fao\u011flu<\/a>, <strong>&#8220;Kitle Fonlamas\u0131 ve ICO&#8217;lar\u0131n Hukuki Niteli\u011fi&#8221;<\/strong> ba\u015fl\u0131kl\u0131 konu\u015fmas\u0131n\u0131 yapt\u0131.<\/p>\n<p>Konu\u015fman\u0131n merkezindeki tez netti: <strong>Kitle fonlamas\u0131 ile ICO yap\u0131sal benzerliklerine ra\u011fmen T\u00fcrkiye&#8217;deki hukuki nitelendirmesi farkl\u0131; her ikisinin de menkul k\u0131ymet\/yat\u0131r\u0131m s\u00f6zle\u015fmesi hatt\u0131ndaki konumu, reg\u00fclasyonun temel sorular\u0131n\u0131 \u015fekillendiriyor.<\/strong><\/p>\n<h3>Kitle fonlamas\u0131n\u0131n hukuki konumu<\/h3>\n<p>SerPK \u00e7er\u00e7evesinde <strong>paya dayal\u0131 kitle fonlamas\u0131<\/strong>&#8216;n\u0131n \u00e7er\u00e7evesi, e\u015fik tutarlar\u0131, platformlar\u0131n y\u00fck\u00fcml\u00fcl\u00fckleri ve yat\u0131r\u0131mc\u0131 korumas\u0131 ele al\u0131nd\u0131; <strong>ba\u011f\u0131\u015f ve \u00f6d\u00fcl tabanl\u0131 kitle fonlamas\u0131<\/strong>n\u0131n menkul k\u0131ymet hukukuna girip girmedi\u011fi \u00fczerinden hukuki nitelendirme tart\u0131\u015f\u0131ld\u0131.<\/p>\n<h3>ICO&#8217;lar\u0131n hukuki niteli\u011fi<\/h3>\n<p>ICO&#8217;larda <strong>token&#8217;\u0131n utility, security veya hibrit nitelik ta\u015f\u0131mas\u0131<\/strong> halinde uygulanacak rejim, Howey testi benzeri uluslararas\u0131 \u00f6rnekler ve T\u00fcrkiye hukukunda menkul k\u0131ymet\/yat\u0131r\u0131m s\u00f6zle\u015fmesi tan\u0131mlar\u0131yla kar\u015f\u0131la\u015ft\u0131rma yap\u0131ld\u0131; <strong>SPK denetimine girme riski<\/strong> ile yat\u0131r\u0131mc\u0131 korumas\u0131 y\u00fck\u00fcml\u00fcl\u00fckleri konu\u015fuldu.<\/p>\n<h3>Bu konu\u015fmada \u00f6ne \u00e7\u0131kanlar<\/h3>\n<ul>\n<li><strong>Kitle fonlamas\u0131:<\/strong> Pay tabanl\u0131, ba\u011f\u0131\u015f, \u00f6d\u00fcl modellerinin ayr\u0131m\u0131<\/li>\n<li><strong>ICO:<\/strong> Utility \/ security \/ hibrit token tart\u0131\u015fmas\u0131<\/li>\n<li><strong>Reg\u00fclasyon:<\/strong> SerPK \u00e7er\u00e7evesi, e\u015fik tutarlar\u0131<\/li>\n<li><strong>Kar\u015f\u0131la\u015ft\u0131rma:<\/strong> Howey testi ve T\u00fcrkiye uygulamas\u0131<\/li>\n<\/ul>\n<p>Konu\u015fman\u0131n videosuna <a href=\"https:\/\/www.youtube.com\/watch?v=MUhmtJp0N4o\" target=\"_blank\" rel=\"noopener\">YouTube \u00fczerinden<\/a> ula\u015fabilirsiniz.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>24 Ocak 2018&#8217;de \u0130stanbul Barosu Bili\u015fim Komisyonu taraf\u0131ndan d\u00fczenlenen Fintech oturumunda Y\u00f6netici Orta\u011f\u0131m\u0131z Erdem M\u00fcmtaz Hac\u0131pa\u015fao\u011flu, &#8220;Kitle Fonlamas\u0131 ve ICO&#8217;lar\u0131n Hukuki Niteli\u011fi&#8221; ba\u015fl\u0131kl\u0131 konu\u015fmas\u0131n\u0131 yapt\u0131. Konu\u015fman\u0131n merkezindeki tez netti: Kitle fonlamas\u0131 ile ICO yap\u0131sal benzerliklerine ra\u011fmen T\u00fcrkiye&#8217;deki hukuki nitelendirmesi farkl\u0131; her ikisinin de menkul k\u0131ymet\/yat\u0131r\u0131m s\u00f6zle\u015fmesi hatt\u0131ndaki konumu, reg\u00fclasyonun temel sorular\u0131n\u0131 \u015fekillendiriyor. Kitle fonlamas\u0131n\u0131n hukuki [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":10346,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[137,207,150],"tags":[],"ppma_author":[127],"class_list":["post-10369","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blok-zinciri","category-etkinlikler","category-news-tr"],"authors":[{"term_id":127,"user_id":4,"is_guest":0,"slug":"mumtaz","display_name":"Erdem M\u00fcmtaz Hac\u0131pa\u015fao\u011flu","avatar_url":"https:\/\/virconlegal.com\/wp-content\/uploads\/2026\/05\/mumtaz-hacipasaoglu-v2.jpg","author_category":"","first_name":"Erdem M\u00fcmtaz","last_name":"Hac\u0131pa\u015fao\u011flu","user_url":"","job_title":"","description":""}],"_links":{"self":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/posts\/10369","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/comments?post=10369"}],"version-history":[{"count":0,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/posts\/10369\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/media\/10346"}],"wp:attachment":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/media?parent=10369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/categories?post=10369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/tags?post=10369"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/ppma_author?post=10369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}