Crypto-assets, financial regulation, tokenization

This study examines the use of crypto-assets in international investment, focusing on their legal, financial, and regulatory dimensions. Against the background of declining global investment flows and the rapid growth of the digital economy, crypto-assets are assessed as an emerging component of international financial activity. The study evaluates key regulatory frameworks, including the European Union’s Markets in Crypto-Assets Regulation (MiCA) and Türkiye’s Law No. 7518, with particular attention to the legal status and usability of crypto-assets. The paper also explores the role of crypto-assets in cross-border payments and international financial transactions. Stablecoins are considered in terms of their potential to reduce transaction costs and improve efficiency, making them relevant not only for payment systems but also for investment flows. At the same time, the study highlights major limitations, including volatility, regulatory uncertainty, systemic risks, and market instability. In this context, tokenization methods used by international organizations are presented as a more integrated and sustainable alternative. The study further analyzes Türkiye’s evolving regulatory framework, especially the licensing and supervision of crypto-asset service providers. Finally, it hypothetically considers whether crypto-assets could be used as company capital within international investment law. The findings suggest that although crypto-assets offer functional advantages, they cannot currently serve as stable instruments in international investment processes due to regulatory fragmentation, market volatility, and valuation problems.

SOYGENIS, YUNUS EMRE