Crypto Assets in Inheritance and Enforcement Proceedings: What You Need to Know
There are approximately 10 million cryptocurrency investors in Turkey, and with such a large number of people involved in crypto assets, regulations surrounding inheritance and enforcement procedures have become a significant focus for investors.
Under the current laws in Turkey, crypto assets are considered part of the inheritance. Binance TR General Manager Mücahit Dönmez explained that heirs can inherit crypto assets through standard inheritance processes such as wills or inheritance agreements. He also mentioned that enforcement proceedings can be initiated against a debtor’s crypto assets.
Lawyer Özlem Kurt emphasized that all assets with economic value fall within the scope of inheritance according to Turkish Civil Code. She advised that crypto assets can be included in inheritance arrangements but stressed the importance of clearly documenting and communicating information about the assets to heirs to prevent any potential losses.
Kurt also noted that as the use of crypto assets becomes more widespread, the number of legal procedures related to these assets is increasing. She highlighted that recent legal changes have clarified the ability to confiscate crypto assets in enforcement proceedings and that this process is expected to become more effective in the future.
Overall, the evolving landscape of crypto assets in Turkey has sparked discussions and considerations about how these digital assets will be treated in inheritance and enforcement proceedings, providing both challenges and opportunities for investors and legal professionals alike.
