{"id":61583,"date":"2023-12-04T11:22:54","date_gmt":"2023-12-04T02:22:54","guid":{"rendered":"https:\/\/monolith.law\/tr\/?p=61583"},"modified":"2025-12-17T18:28:29","modified_gmt":"2025-12-17T09:28:29","slug":"ico-and-whitepaper","status":"publish","type":"post","link":"https:\/\/monolith.law\/tr\/general-corporate\/ico-and-whitepaper","title":{"rendered":"ICO Beyaz Ka\u011f\u0131d\u0131 Olu\u015ftururken Dikkat Edilmesi Gereken Hukuki Sorunlar Nelerdir?"},"content":{"rendered":"\n<p>Yat\u0131r\u0131m toplamak i\u00e7in sanal para birimi (token) \u00e7\u0131karan bir fon toplama y\u00f6ntemine ICO (Initial Coin Offering) denir. Bu ICO olarak adland\u0131r\u0131lan fon toplama y\u00f6ntemi, mevcut IPO ile benzer bir s\u00fcre\u00e7ten ge\u00e7er. ICO&#8217;da, IPO&#8217;nun aksine, do\u011frudan \u015femay\u0131 d\u00fczenleyen bir yasa olmamas\u0131 nedeniyle, tasar\u0131m \u00f6zg\u00fcrl\u00fc\u011f\u00fc y\u00fcksektir ve ayr\u0131ca karma\u015f\u0131k i\u015flem prosed\u00fcrlerinin maliyetini ve maliyetini azaltma avantaj\u0131 vard\u0131r. Ancak, &#8220;do\u011fru ICO uygulamas\u0131&#8221;n\u0131 d\u00fczenleyen bir yasan\u0131n olmamas\u0131, ayn\u0131 zamanda, uyumlulu\u011fa dikkat ederek ICO&#8217;yu uygulaman\u0131n zorlu\u011funu art\u0131ran bir fakt\u00f6rd\u00fcr (ICO ve IPO kar\u015f\u0131la\u015ft\u0131rmas\u0131 hakk\u0131nda daha fazla bilgi i\u00e7in a\u015fa\u011f\u0131daki makaleye bak\u0131n\u0131z).<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/blockchain\/comparison-ico-ipo\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/blockchain\/comparison-ico-ipo[ja]<\/a><\/p>\n\n\n\n<p>Bir anlamda, ICO&#8217;nun &#8220;standart i\u015flem i\u015flerine ba\u011fl\u0131 olmayan \u00f6zg\u00fcrl\u00fc\u011f\u00fc&#8221; ve &#8220;yasal olan\u0131 ve yasad\u0131\u015f\u0131 olan\u0131 ay\u0131rt etme zorlu\u011fu&#8221; gibi \u00e7e\u015fitli \u00f6zellikleri, beyaz ka\u011f\u0131d\u0131n nas\u0131l yaz\u0131laca\u011f\u0131 konusunda en iyi \u015fekilde ortaya \u00e7\u0131kar. Bu makalede, beyaz ka\u011f\u0131d\u0131n i\u00e7eri\u011fi ile ilgili olarak, ICO&#8217;yu ger\u00e7ekle\u015ftirirken genellikle hukuki sorunlara neden olan konular\u0131 a\u00e7\u0131kl\u0131yoruz.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_53 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ico-and-whitepaper\/#Beyaz_Kagit_Yazmanin_%E2%80%98Dogru%E2%80%99_Bir_Yolu_Yoktur\" title=\"Beyaz Ka\u011f\u0131t Yazman\u0131n &#8216;Do\u011fru&#8217; Bir Yolu Yoktur\">Beyaz Ka\u011f\u0131t Yazman\u0131n &#8216;Do\u011fru&#8217; Bir Yolu Yoktur<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ico-and-whitepaper\/#Finansal_Urunler_Ticaret_Yasasi_Japanese_Financial_Instruments_and_Exchange_Act_Hukumlerine_Dayanan_Beyaz_Kitap_Yazma_Uygulamasi\" title=\"Finansal \u00dcr\u00fcnler Ticaret Yasas\u0131 (Japanese Financial Instruments and Exchange Act) H\u00fck\u00fcmlerine Dayanan Beyaz Kitap Yazma Uygulamas\u0131\">Finansal \u00dcr\u00fcnler Ticaret Yasas\u0131 (Japanese Financial Instruments and Exchange Act) H\u00fck\u00fcmlerine Dayanan Beyaz Kitap Yazma Uygulamas\u0131<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ico-and-whitepaper\/#Finansal_Urunler_Ticaret_Kanunu_Nedir\" title=\"Finansal \u00dcr\u00fcnler Ticaret Kanunu Nedir?\">Finansal \u00dcr\u00fcnler Ticaret Kanunu Nedir?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ico-and-whitepaper\/#Kripto_Para_Bir_%E2%80%98Degerli_Menkul_Kiymet%E2%80%99_midir\" title=\"Kripto Para Bir &#8216;De\u011ferli Menkul K\u0131ymet&#8217; midir?\">Kripto Para Bir &#8216;De\u011ferli Menkul K\u0131ymet&#8217; midir?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ico-and-whitepaper\/#Sonucta_Beyaz_Kagit_Nasil_Yazilmalidir\" title=\"Sonu\u00e7ta Beyaz Ka\u011f\u0131t Nas\u0131l Yaz\u0131lmal\u0131d\u0131r? \">Sonu\u00e7ta Beyaz Ka\u011f\u0131t Nas\u0131l Yaz\u0131lmal\u0131d\u0131r? <\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ico-and-whitepaper\/#Finansal_Araclar_ve_Borsa_Yasasi_Japanese_Financial_Instruments_and_Exchange_Act_Disinda_Dikkate_Alinmasi_Gereken_Hukuki_Alanlar\" title=\"Finansal Ara\u00e7lar ve Borsa Yasas\u0131 (Japanese Financial Instruments and Exchange Act) D\u0131\u015f\u0131nda Dikkate Al\u0131nmas\u0131 Gereken Hukuki Alanlar\">Finansal Ara\u00e7lar ve Borsa Yasas\u0131 (Japanese Financial Instruments and Exchange Act) D\u0131\u015f\u0131nda Dikkate Al\u0131nmas\u0131 Gereken Hukuki Alanlar<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ico-and-whitepaper\/#Ozet\" title=\"\u00d6zet\">\u00d6zet<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Beyaz_Kagit_Yazmanin_%E2%80%98Dogru%E2%80%99_Bir_Yolu_Yoktur\"><\/span>Beyaz Ka\u011f\u0131t Yazman\u0131n &#8216;Do\u011fru&#8217; Bir Yolu Yoktur<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>ICO&#8217;daki beyaz ka\u011f\u0131t, fon toplama amac\u0131n\u0131, toplanan fonlar\u0131n nas\u0131l kullan\u0131laca\u011f\u0131n\u0131 ve yat\u0131r\u0131mc\u0131lara getiri sa\u011flama yolunu belirten bir belgedir. Bu, IPO ile kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda, s\u00f6zde &#8220;prospekt\u00fcs&#8221; ile benzer bir rol oynar. Ancak, beyaz ka\u011f\u0131d\u0131 yasal olarak yazmak i\u00e7in uyulmas\u0131 gereken bir \u015fablon asl\u0131nda yoktur. Dahas\u0131, ICO&#8217;yu yasal olarak ger\u00e7ekle\u015ftirmek i\u00e7in beyaz ka\u011f\u0131d\u0131 haz\u0131rlaman\u0131n asl\u0131nda zorunlu olmad\u0131\u011f\u0131 bir ger\u00e7ektir.<\/p>\n\n\n\n<p>Japonya&#8217;da, ICO&#8217;yu do\u011frudan d\u00fczenleyen bir yasa olmad\u0131\u011f\u0131ndan, &#8220;do\u011fru beyaz ka\u011f\u0131t yazma&#8221; hakk\u0131nda da yasa aktif olarak bir \u015fey g\u00f6stermiyor. Bu nedenle, bug\u00fcne kadar Japonya&#8217;da ger\u00e7ekle\u015ftirilen bir\u00e7ok ICO&#8217;da, yarat\u0131c\u0131 ve \u00e7ekici tan\u0131t\u0131m ara\u00e7lar\u0131 olu\u015fturulmu\u015ftur. Bu t\u00fcr i\u00e7eriklerle ger\u00e7ekle\u015ftirilen web pazarlama g\u00fcc\u00fc sayesinde, tokenlerin cazibesi geni\u015f \u00e7apta bilinir hale gelmi\u015f ve b\u00fcy\u00fck miktarda yat\u0131r\u0131m toplamay\u0131 ba\u015faran \u00f6rnekler say\u0131s\u0131zd\u0131r.<\/p>\n\n\n\n<p>Yasa, yat\u0131r\u0131mc\u0131lar\u0131n kalbine &#8220;i\u015fleyecek&#8221; bir beyaz ka\u011f\u0131t nas\u0131l olu\u015fturulaca\u011f\u0131n\u0131 \u00f6\u011fretmez. Ancak, d\u00fc\u015f\u00fcncesiz i\u00e7erik pazarlamas\u0131n\u0131n hangi t\u00fcr \u00e7at\u0131\u015fma risklerine yol a\u00e7abilece\u011fi konusunda yasa bir\u00e7ok \u015feyi ima eder. Tokenlerin cazibesini tam anlam\u0131yla aktarmay\u0131 hedeflerken, yasal olarak en az\u0131ndan uyulmas\u0131 gereken hususlar nelerdir? A\u015fa\u011f\u0131da bunlara bir g\u00f6z atal\u0131m.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Finansal_Urunler_Ticaret_Yasasi_Japanese_Financial_Instruments_and_Exchange_Act_Hukumlerine_Dayanan_Beyaz_Kitap_Yazma_Uygulamasi\"><\/span>Finansal \u00dcr\u00fcnler Ticaret Yasas\u0131 (Japanese Financial Instruments and Exchange Act) H\u00fck\u00fcmlerine Dayanan Beyaz Kitap Yazma Uygulamas\u0131<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" loading=\"lazy\" width=\"735\" height=\"490\" src=\"https:\/\/monolith.law\/tr\/wp-content\/uploads\/sites\/24\/2025\/12\/ico-and-whitepaper-2.jpg\" alt=\"\" class=\"wp-image-75033\" style=\"aspect-ratio:1.5;width:840px;height:auto\" srcset=\"https:\/\/monolith.law\/tr\/wp-content\/uploads\/sites\/24\/2025\/12\/ico-and-whitepaper-2.jpg 735w, https:\/\/monolith.law\/tr\/wp-content\/uploads\/sites\/24\/2025\/12\/ico-and-whitepaper-2-300x200.jpg 300w, https:\/\/monolith.law\/tr\/wp-content\/uploads\/sites\/24\/2025\/12\/ico-and-whitepaper-2-250x167.jpg 250w\" sizes=\"(max-width: 735px) 100vw, 735px\" \/><figcaption class=\"wp-element-caption\">Finansal \u00dcr\u00fcnler Ticaret Yasas\u0131 ve sanal para birimleri aras\u0131ndaki ili\u015fki nedir?<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Finansal_Urunler_Ticaret_Kanunu_Nedir\"><\/span>Finansal \u00dcr\u00fcnler Ticaret Kanunu Nedir?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Yay\u0131nlanan token&#8217;\u0131n niteli\u011fi, Japon Finansal \u00dcr\u00fcnler Ticaret Kanunu&#8217;na (bundan sonra &#8216;FUT Kanunu&#8217; olarak belirtilecektir) g\u00f6re &#8216;de\u011ferli menkul k\u0131ymetler&#8217; kapsam\u0131na giriyorsa, bu token FUT Kanunu&#8217;nun uygulama alan\u0131na girer. Asl\u0131nda FUT Kanunu, de\u011ferli menkul k\u0131ymetlerin yay\u0131nlanmas\u0131 ve al\u0131m sat\u0131m\u0131 s\u0131ras\u0131nda, yat\u0131r\u0131mc\u0131lar\u0131n korunmas\u0131 ve ticaret piyasas\u0131n\u0131n sa\u011fl\u0131kl\u0131 geli\u015fiminin sa\u011flanmas\u0131 amac\u0131yla olu\u015fturulmu\u015f bir hukuk alan\u0131d\u0131r.<\/p>\n\n\n\n<p>FUT Kanunu&#8217;nda &#8216;de\u011ferli menkul k\u0131ymetler&#8217; i\u00e7in net bir tan\u0131m verilmemi\u015ftir, sadece bu hukuk alan\u0131n\u0131n uygulama kapsam\u0131na giren de\u011ferli menkul k\u0131ymetler tek tek listelenmi\u015ftir. FUT Kanunu&#8217;nun ikinci maddesine bakal\u0131m. Burada, devlet tahvilleri, \u015firket tahvilleri, hisse senetleri gibi FUT Kanunu&#8217;nun uygulama alan\u0131na giren de\u011ferli menkul k\u0131ymetlerin her bir t\u00fcr\u00fc tek tek listelenmi\u015ftir.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>Madde 2 Bu kanunda &#8216;de\u011ferli menkul k\u0131ymetler&#8217; a\u015fa\u011f\u0131daki anlamlara gelir:<br> 1 Devlet tahvilleri<br> 2 Yerel tahviller<br> 3 \u00d6zel bir kanunla kurulan t\u00fczel ki\u015finin \u00e7\u0131kard\u0131\u011f\u0131 tahviller (sonraki maddeler ve 11. madde hari\u00e7.)<br> 4 Varl\u0131k securitization kanunu (1998 (Heisei 10) Kanun No. 105) taraf\u0131ndan belirlenen \u00f6zel \u015firket tahvilleri<br> 5 \u015eirket tahvilleri (kar\u015f\u0131l\u0131kl\u0131 \u015firketlerin tahvilleri dahil. Ayn\u0131 \u015fekilde.)<br> 6 \u00d6zel bir kanunla kurulan t\u00fczel ki\u015finin \u00e7\u0131kard\u0131\u011f\u0131 yat\u0131r\u0131m sertifikalar\u0131 (sonraki maddeler, 8. madde ve 11. madde hari\u00e7.)<br> 7 Kooperatif finans kurumlar\u0131n\u0131n \u00f6ncelikli yat\u0131r\u0131m\u0131na ili\u015fkin kanun (1993 (Heisei 5) Kanun No. 44, bundan sonra &#8216;\u00f6ncelikli yat\u0131r\u0131m kanunu&#8217; olarak an\u0131lacakt\u0131r) taraf\u0131ndan belirlenen \u00f6ncelikli yat\u0131r\u0131m sertifikalar\u0131<br> 8 Varl\u0131k securitization kanunu taraf\u0131ndan belirlenen \u00f6ncelikli yat\u0131r\u0131m sertifikalar\u0131 veya yeni \u00f6ncelikli yat\u0131r\u0131m hakk\u0131n\u0131 g\u00f6steren sertifikalar<br> 9 Hisse senetleri veya yeni hisse senedi opsiyon sertifikalar\u0131<br> 10 Yat\u0131r\u0131m fonlar\u0131 ve yat\u0131r\u0131m \u015firketleri hakk\u0131nda kanun (1951 (Showa 26) Kanun No. 198) taraf\u0131ndan belirlenen yat\u0131r\u0131m fonlar\u0131 veya yabanc\u0131 yat\u0131r\u0131m fonlar\u0131n\u0131n gelir sertifikalar\u0131<br> 11 Yat\u0131r\u0131m fonlar\u0131 ve yat\u0131r\u0131m \u015firketleri hakk\u0131nda kanun taraf\u0131ndan belirlenen yat\u0131r\u0131m sertifikalar\u0131, yeni yat\u0131r\u0131m hakk\u0131 opsiyon sertifikalar\u0131 veya yat\u0131r\u0131m \u015firketleri tahvilleri veya yabanc\u0131 yat\u0131r\u0131m sertifikalar\u0131<br> (devam ediyor)<\/p>\n<cite> Finansal \u00dcr\u00fcnler Ticaret Kanunu (FUT Kanunu) <\/cite><\/blockquote>\n\n\n\n<p>Not olarak, Medeni Kanun&#8217;a g\u00f6re de\u011ferli menkul k\u0131ymetler, &#8216;maddi de\u011feri olan \u00f6zel haklar\u0131 temsil eden menkul k\u0131ymetler&#8217; \u015feklinde tan\u0131mlanm\u0131\u015ft\u0131r ve FUT Kanunu&#8217;ndaki de\u011ferli menkul k\u0131ymetlere k\u0131yasla olduk\u00e7a geni\u015f bir kapsama sahip oldu\u011funu g\u00f6rebiliriz.<\/p>\n\n\n\n<p>FUT Kanunu, Medeni Kanun&#8217;un \u00f6zel kanunu (basit\u00e7e, genel ilkeleri ve genel teorileri bireysel olarak d\u00fczeltme anlam\u0131na gelen bir hukuk alan\u0131) olarak kabul edilir. Dolay\u0131s\u0131yla, \u00f6zellikle bilgi a\u00e7\u0131klamas\u0131 (s\u00f6zde a\u00e7\u0131klama) veya i\u00e7eriden bilgiye dayal\u0131 i\u015flemlerin \u00f6nlenmesi gibi taleplerin b\u00fcy\u00fck oldu\u011fu finansal \u00fcr\u00fcnler i\u00e7in, Medeni Kanun&#8217;un geni\u015f anlamdaki de\u011ferli menkul k\u0131ymetlerine kar\u015f\u0131, FUT Kanunu ile d\u00fczenlenir oldu\u011funu anlamak iyi olacakt\u0131r.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Kripto_Para_Bir_%E2%80%98Degerli_Menkul_Kiymet%E2%80%99_midir\"><\/span>Kripto Para Bir &#8216;De\u011ferli Menkul K\u0131ymet&#8217; midir?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u00d6ncelikle, Japon &#8216;De\u011ferli Menkul K\u0131ymetler Kanunu&#8217; (\u91d1\u5546\u6cd5) taraf\u0131ndan belirtilen &#8216;de\u011ferli menkul k\u0131ymetler&#8217; aras\u0131nda kripto para birimleri yer almamaktad\u0131r. Bu nedenle, genel bir kural olarak, kripto para birimleri bu kanunun d\u00fczenlemelerine tabi de\u011fildir. Asl\u0131nda, Bitcoin gibi \u00f6nde gelen kripto para birimleri hakk\u0131nda, h\u00fck\u00fcmetin g\u00f6r\u00fc\u015f\u00fc de bu kanunun d\u00fczenlemelerinin uygulanmayaca\u011f\u0131 y\u00f6n\u00fcndedir ve bu durum zaten a\u00e7\u0131klanm\u0131\u015ft\u0131r.<\/p>\n\n\n\n<p>Ancak, yeni bir ICO ile token \u00e7\u0131kar\u0131lmas\u0131 durumunda, &#8216;De\u011ferli Menkul K\u0131ymetler Kanunu&#8217;nun 2. maddesinin 5. f\u0131kras\u0131nda belirtilen toplu yat\u0131r\u0131m planlar\u0131na uygun olup olmad\u0131\u011f\u0131n\u0131 incelemek gerekmektedir.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>Madde 2<br>2 Bu maddenin birinci f\u0131kras\u0131n\u0131n birinci ila on be\u015finci bentlerinde belirtilen de\u011ferli menkul k\u0131ymetler, ayn\u0131 f\u0131krada belirtilen on yedinci bentteki de\u011ferli menkul k\u0131ymetler (ayn\u0131 f\u0131krada belirtilen on alt\u0131nc\u0131 bentteki de\u011ferli menkul k\u0131ymetlerin niteli\u011fini ta\u015f\u0131yanlar\u0131 hari\u00e7 tutar.) ve ayn\u0131 f\u0131krada belirtilen on sekizinci bentteki de\u011ferli menkul k\u0131ymetlerde g\u00f6sterilmesi gereken haklar, ayn\u0131 f\u0131krada belirtilen on alt\u0131nc\u0131 bentteki de\u011ferli menkul k\u0131ymetler, ayn\u0131 f\u0131krada belirtilen on yedinci bentteki de\u011ferli menkul k\u0131ymetler (ayn\u0131 f\u0131krada belirtilen on alt\u0131nc\u0131 bentteki de\u011ferli menkul k\u0131ymetlerin niteli\u011fini ta\u015f\u0131yanlar\u0131 s\u0131n\u0131rlar.) ve ayn\u0131 f\u0131krada belirtilen on dokuzuncu ila yirmi birinci bentlerde belirtilen de\u011ferli menkul k\u0131ymetler, bu haklar\u0131n g\u00f6sterilmesi gereken de\u011ferli menkul k\u0131ymetlerin \u00e7\u0131kar\u0131lmam\u0131\u015f olmas\u0131 durumunda bile, bu haklar\u0131 bu de\u011ferli menkul k\u0131ymetler olarak kabul eder ve elektronik kay\u0131t tahvilleri (Elektronik Kay\u0131t Tahvilleri Kanunu (2007 y\u0131l\u0131 (Heisei 19) Kanun No. 102) Madde 2, F\u0131kra 1&#8217;de belirtilen elektronik kay\u0131t tahvillerini ifade eder. Ayn\u0131 f\u0131kra a\u015fa\u011f\u0131da ayn\u0131d\u0131r.) aras\u0131nda, dola\u015f\u0131ma ve di\u011fer durumlara g\u00f6re, tahviller ve di\u011fer de\u011ferli menkul k\u0131ymetler olarak kabul edilmesi gerekenler, h\u00fck\u00fcmet kararnamesi ile belirlenir (bu maddede ve a\u015fa\u011f\u0131daki maddede &#8220;belirli elektronik kay\u0131t tahvilleri&#8221; olarak an\u0131l\u0131r.) ve bu elektronik kay\u0131t tahvillerini bu de\u011ferli menkul k\u0131ymetler olarak kabul eder ve a\u015fa\u011f\u0131daki haklar, menkul k\u0131ymetler veya belgelerde g\u00f6sterilmesi gereken haklar d\u0131\u015f\u0131ndaki haklar olmas\u0131na ra\u011fmen, de\u011ferli menkul k\u0131ymetler olarak kabul edilir ve bu kanunun h\u00fck\u00fcmleri uygulan\u0131r. <br>Be\u015finci bent: Sivil Kanun (1896 y\u0131l\u0131 (Meiji 29) Kanun No. 89) Madde 667, F\u0131kra 1&#8217;de belirtilen birlik s\u00f6zle\u015fmesi, Ticaret Kanunu (1899 y\u0131l\u0131 (Meiji 32) Kanun No. 48) Madde 535&#8217;te belirtilen adi komandit s\u00f6zle\u015fmesi, Yat\u0131r\u0131m \u0130\u015fletmeleri S\u0131n\u0131rl\u0131 Sorumluluk Ortakl\u0131\u011f\u0131 S\u00f6zle\u015fmesi Hakk\u0131nda Kanun (1998 y\u0131l\u0131 (Heisei 10) Kanun No. 90) Madde 3, F\u0131kra 1&#8217;de belirtilen yat\u0131r\u0131m i\u015fletmeleri s\u0131n\u0131rl\u0131 sorumluluk ortakl\u0131\u011f\u0131 s\u00f6zle\u015fmesi veya S\u0131n\u0131rl\u0131 Sorumluluk \u0130\u015fletme Ortakl\u0131\u011f\u0131 S\u00f6zle\u015fmesi Hakk\u0131nda Kanun (2005 y\u0131l\u0131 (Heisei 17) Kanun No. 40) Madde 3, F\u0131kra 1&#8217;de belirtilen s\u0131n\u0131rl\u0131 sorumluluk i\u015fletme ortakl\u0131\u011f\u0131 s\u00f6zle\u015fmesine dayanan haklar, dernek \u00fcyeli\u011fi haklar\u0131 ve di\u011fer haklar (yabanc\u0131 yasalara dayananlar hari\u00e7) aras\u0131nda, bu haklara sahip olan ki\u015filer (bu bentte &#8220;yat\u0131r\u0131mc\u0131lar&#8221; olarak an\u0131l\u0131r.) taraf\u0131ndan yap\u0131lan yat\u0131r\u0131mlar veya katk\u0131larla ger\u00e7ekle\u015ftirilen i\u015fletmeler (bu bentte &#8220;yat\u0131r\u0131m hedefi i\u015fletmeler&#8221; olarak an\u0131l\u0131r.) taraf\u0131ndan elde edilen gelirin da\u011f\u0131t\u0131m\u0131 veya bu yat\u0131r\u0131m hedefi i\u015fletmelerle ilgili m\u00fclkiyetin da\u011f\u0131t\u0131m\u0131n\u0131 alabilme hakk\u0131 olan haklar, a\u015fa\u011f\u0131dakilerden hi\u00e7birine uymayanlar (\u00f6nceki f\u0131kralarda belirtilen de\u011ferli menkul k\u0131ymetlerde g\u00f6sterilmesi gereken haklar ve bu f\u0131kran\u0131n (bu bent hari\u00e7) h\u00fck\u00fcmleri uyar\u0131nca de\u011ferli menkul k\u0131ymetler olarak kabul edilen haklar hari\u00e7)<br>(devam\u0131)<\/p>\n<cite>Finansal \u00dcr\u00fcnler Ticaret Kanunu (De\u011ferli Menkul K\u0131ymetler Kanunu)<\/cite><\/blockquote>\n\n\n\n<p>Bu durumu basit bir \u015fekilde a\u00e7\u0131klamak gerekirse, yat\u0131r\u0131mc\u0131lar\u0131n parasal yat\u0131r\u0131mlar\u0131n\u0131 kullanarak bir i\u015fletme y\u00fcr\u00fct\u00fclmesi ve bu i\u015fletmenin elde etti\u011fi kar\u0131n yat\u0131r\u0131mc\u0131lara da\u011f\u0131t\u0131lmas\u0131n\u0131 \u00f6ng\u00f6ren menkul k\u0131ymetler, &#8216;De\u011ferli Menkul K\u0131ymetler Kanunu&#8217;nda belirtilen de\u011ferli menkul k\u0131ymetler olmasa bile, bu kanunun uygulama alan\u0131na girer. Dolay\u0131s\u0131yla, ICO ile yeni bir token \u00e7\u0131kar\u0131lmas\u0131 durumunda, bu t\u00fcr bir plana uyan durumlar s\u00f6z konusu oldu\u011funda, &#8216;De\u011ferli Menkul K\u0131ymetler Kanunu&#8217;nun \u00e7e\u015fitli if\u015fa y\u00fck\u00fcml\u00fcl\u00fckleri ve raporlama y\u00fck\u00fcml\u00fcl\u00fckleri ICO uygulay\u0131c\u0131s\u0131na uygulan\u0131r. \u00d6zetlemek gerekirse, &#8216;De\u011ferli Menkul K\u0131ymetler Kanunu&#8217; ile ilgili olarak, ICO uygulay\u0131c\u0131lar\u0131n\u0131n, toplu yat\u0131r\u0131m planlar\u0131na uygunluk konusunda \u00f6zellikle dikkatli olmalar\u0131 gerekti\u011fi s\u00f6ylenebilir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sonucta_Beyaz_Kagit_Nasil_Yazilmalidir\"><\/span>Sonu\u00e7ta Beyaz Ka\u011f\u0131t Nas\u0131l Yaz\u0131lmal\u0131d\u0131r?<br><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Pratikte, bu toplu yat\u0131r\u0131m plan\u0131 ile ilgili olarak s\u0131k\u00e7a sorun olan konular, Beyaz Ka\u011f\u0131t&#8217;\u0131n yaz\u0131lmas\u0131 s\u00fcrecinde, yat\u0131r\u0131mc\u0131lara da\u011f\u0131t\u0131lacak olan kar\u0131n ne kadar detayl\u0131 bir \u015fekilde belirtilece\u011fi ve bu durumun Japon Finansal Hizmetler Yasas\u0131 (JFSA) kapsam\u0131nda bir finansal \u00fcr\u00fcn olarak kabul edilip edilmeyece\u011fi, ve bu da\u011f\u0131t\u0131m\u0131n i\u015fletmenin kar\u0131na dayal\u0131 bir da\u011f\u0131t\u0131m olarak kabul edilip edilmeyece\u011fi gibi konulard\u0131r. E\u011fer JFSA&#8217;n\u0131n d\u00fczenlemelerine tabi olman\u0131n ICO uygulay\u0131c\u0131s\u0131n\u0131n y\u00fck\u00fcn\u00fc art\u0131raca\u011f\u0131 d\u00fc\u015f\u00fcn\u00fcl\u00fcyorsa, bu konular hakk\u0131nda detayl\u0131 bilgi vermekten ka\u00e7\u0131nmak bir yakla\u015f\u0131m olabilir. Di\u011fer yandan, bu konular hakk\u0131nda m\u00fcmk\u00fcn oldu\u011funca detayl\u0131 bilgi vererek yat\u0131r\u0131mc\u0131lar\u0131n g\u00fcvenini kazanmay\u0131 hedefliyorsan\u0131z, token tasar\u0131m\u0131n\u0131 JFSA&#8217;n\u0131n finansal \u00fcr\u00fcn\u00fc olarak yapmak bir se\u00e7enek olabilir. Bu t\u00fcr kararlarla ilgili olarak, ilgili ICO&#8217;nun stratejisi g\u00f6z \u00f6n\u00fcnde bulundurulduktan sonra, hukuk departman\u0131n\u0131n takdir yetkisini kullanmas\u0131 gereken noktalar\u0131n az olmad\u0131\u011f\u0131 s\u00f6ylenebilir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Finansal_Araclar_ve_Borsa_Yasasi_Japanese_Financial_Instruments_and_Exchange_Act_Disinda_Dikkate_Alinmasi_Gereken_Hukuki_Alanlar\"><\/span>Finansal Ara\u00e7lar ve Borsa Yasas\u0131 (Japanese Financial Instruments and Exchange Act) D\u0131\u015f\u0131nda Dikkate Al\u0131nmas\u0131 Gereken Hukuki Alanlar<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Bununla birlikte, bir beyaz ka\u011f\u0131d\u0131n i\u00e7eri\u011fi a\u00e7\u0131s\u0131ndan bak\u0131ld\u0131\u011f\u0131nda, dikkate al\u0131nmas\u0131 gereken hukuki alanlar sadece Finansal Ara\u00e7lar ve Borsa Yasas\u0131 ile s\u0131n\u0131rl\u0131 de\u011fildir. Ayr\u0131ca, \u00d6deme Hizmetleri Yasas\u0131 (Japanese Payment Services Act) kapsam\u0131nda &#8220;sanal para&#8221; olarak kabul edilen durumlarda, sanal para de\u011fi\u015fim hizmeti sa\u011flay\u0131c\u0131 olarak kay\u0131t olman\u0131z gerekmektedir. (\u00d6deme Hizmetleri Yasas\u0131&#8217;ndaki sanal para tan\u0131m\u0131 ve bu durumda i\u015fletmelere y\u00fcklenen y\u00fck\u00fcml\u00fcl\u00fckler hakk\u0131nda ayr\u0131nt\u0131l\u0131 bilgi i\u00e7in l\u00fctfen di\u011fer makalelere ba\u015fvurun.)<\/p>\n\n\n\n<p>Ayr\u0131ca, belirli bir tokenin \u00d6deme Hizmetleri Yasas\u0131 kapsam\u0131nda elektronik para olarak kabul edilmesi durumunda, bu elektronik paran\u0131n miktar\u0131na ba\u011fl\u0131 olarak h\u00fck\u00fcmete para yat\u0131rma (teminat) y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc do\u011far. (\u00d6deme Hizmetleri Yasas\u0131&#8217;ndaki elektronik para tan\u0131m\u0131 ve bu durumda i\u015fletmelere y\u00fcklenen y\u00fck\u00fcml\u00fcl\u00fckler hakk\u0131nda ayr\u0131nt\u0131l\u0131 bilgi i\u00e7in l\u00fctfen di\u011fer makalelere ba\u015fvurun.)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ozet\"><\/span>\u00d6zet<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Bu makalede, beyaz ka\u011f\u0131tlar\u0131n i\u00e7eri\u011fi hakk\u0131nda, \u00f6zellikle Finansal \u00dcr\u00fcnler Ticaret Yasas\u0131 (Japon Finansal \u00dcr\u00fcnler Ticaret Yasas\u0131) ile ili\u015fkili olarak sorun olabilecek noktalar\u0131 ele ald\u0131k. Beyaz ka\u011f\u0131t yazma i\u015fi, sadece tokenlerin cazibesini aktarmakla kalmaz, ayn\u0131 zamanda yat\u0131r\u0131mc\u0131lar\u0131n haklar\u0131n\u0131 netle\u015ftiren bir \u00e7aba da olmal\u0131d\u0131r. Dolay\u0131s\u0131yla, yat\u0131r\u0131mc\u0131lara kar\u015f\u0131 a\u00e7\u0131klama sorumlulu\u011funun nas\u0131l yerine getirilece\u011fi, temelde bir \u015firketin hukuk departman\u0131n\u0131n sorunu oldu\u011funu akl\u0131n\u0131zda bulundurmal\u0131s\u0131n\u0131z.<\/p>\n\n\n\n<p>Ayr\u0131ca, bu makalede tan\u0131t\u0131lan ICO ile ilgili \u00e7e\u015fitli yasal d\u00fczenlemeler, beyaz ka\u011f\u0131tlarda belirtilen sadece bi\u00e7imsel ifadelerin sorunu (yani medyada yay\u0131nlanacak metnin kelime se\u00e7imi sorunu) ve token tasar\u0131m\u0131 ile ilgili temel sorunlar aras\u0131nda net bir ayr\u0131m yap\u0131lmal\u0131 ve tart\u0131\u015f\u0131lmal\u0131d\u0131r. Dolay\u0131s\u0131yla, ICO&#8217;nun yasal uygulanmas\u0131 i\u00e7in, sadece beyaz ka\u011f\u0131tlar\u0131n ifadelerinin hukuki kontrol\u00fcne s\u0131n\u0131rl\u0131 kalmak yerine, beyaz ka\u011f\u0131tlar\u0131n i\u00e7eri\u011fi ve \u015firketin ger\u00e7ekte y\u00fcr\u00fctt\u00fc\u011f\u00fc faaliyetler aras\u0131nda uyum olup olmad\u0131\u011f\u0131n\u0131 da i\u00e7eren bir hukuki kontrol yap\u0131lmal\u0131d\u0131r.<br><\/p>\n\n\n\n<p><br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yat\u0131r\u0131m toplamak i\u00e7in sanal para birimi (token) \u00e7\u0131karan bir fon toplama y\u00f6ntemine ICO (Initial Coin Offering) denir. Bu ICO olarak adland\u0131r\u0131lan fon toplama y\u00f6ntemi, mevcut IPO ile benzer bir s\u00fcre\u00e7ten  [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":75032,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[24,28],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts\/61583"}],"collection":[{"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/comments?post=61583"}],"version-history":[{"count":4,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts\/61583\/revisions"}],"predecessor-version":[{"id":75034,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts\/61583\/revisions\/75034"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/media\/75032"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/media?parent=61583"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/categories?post=61583"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/tags?post=61583"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}