In enforcement proceedings, the debtor’s declaration of assets does not cover only traditional assets such as a house, a vehicle, a bank account or immovable property. The debtor must declare all assets, receivables and rights of economic value that may be subject to attachment, as well as their income and how they intend to repay...
With regard to crypto-assets, interim legal protection yields different outcomes depending on where the asset is held. If a crypto asset is held in custody by a Turkish crypto asset service provider, the court or enforcement authority may have access to the platform. If the asset is held in a non-custodial wallet, there may be...
The platform’s insolvency highlights the distinction between the customer’s economic right to a crypto asset and where and how that asset is technically held. Under Turkish law, the fundamental safeguard is that client assets must be kept separate from the crypto-asset service provider’s own assets, and records must be maintained in a manner that reflects...
There is no single party responsible for the attachment of a crypto asset. The responsible party varies depending on the custody model under which the asset is held: If the asset is held with a crypto-asset service provider or exchange, the party responsible is the relevant platform and, where necessary, the authorised custodian. If the...
Shamir’s Secret Sharing (SSS) is a cryptographic method that enables a single secret to be divided into multiple shares, such that the secret can only be reconstructed when a pre-determined number of shares are brought together. The aim in inheritance planning is to prevent the seed phrase or the key information required to decrypt it...
In the context of divorce and the liquidation of the matrimonial property regime, the fact that a crypto-asset is held in the name of one of the spouses on an exchange or in a personal wallet does not imply that the other spouse holds a direct right in rem over that asset. However, if the...
Technical framework: How does a 2/3 multisig work? A multisig wallet is a system that, rather than requiring a single private key to authorise a transfer, ensures that a specified threshold number of private keys are used. In the 2/3 multisig model, there are three separate signature keys; for a transaction to be executed, valid...
There is no question of a crypto asset held in a cold wallet ceasing to exist in legal terms upon the death of the testator. The asset remains registered at addresses on the blockchain. However, from the perspective of inheritance law, two distinct elements must be distinguished from one another: The crypto asset itself, The...
The private key or seed phrase must not be written in plain text within the will. The main reason for this is that the will becomes accessible to certain individuals and authorities following the testator’s death, whereas the private key must be kept secret in accordance with the security model. Anyone who knows the private...
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