An important stage has been reached in cryptocurrency studies in Turkey and AK Party Group Chairman Abdullah Güler announced the details of the “Proposal on Amendments to the Capital Markets Law” at the press conference he held in the Turkish Grand National Assembly.
Güler stated that the announced draft law first includes the definition of concepts such as wallet, crypto asset service provider and platform in the crypto asset ecosystem.
Abdullah Güler made the following statements:
“The bill consists of 19 articles.
Cryptocurrency exchanges will start providing services by obtaining a license from the CMB. The aim here is to ensure that investors can make transactions safely under the supervision of the CMB.
Crypto asset service providers are obliged to ensure the security of their information systems. In this sense, TÜBİTAK's determining criteria regarding technological infrastructure will be included in the law.
The sale and distribution of crypto assets will be determined by the CMB. A preliminary report will be received from TÜBİTAK for crypto asset issuance.
Contractual provisions that limit or eliminate the liability of crypto asset service providers to their customers will be deemed invalid. Control mechanisms will be established to examine investors' complaints and objections. Measures are envisaged against market-distorting transactions.
The procedures and principles regarding crypto investment consultancy will also be regulated by the CMB.
Customer assets cannot be seized due to the debts of cryptocurrency exchanges.
CMB will monitor exchanges operating without permission.
Providing crypto asset services without permission will be considered a crime under the Turkish Penal Code and the penalty will be imprisonment from 3 to 5 years.
There will be a transition period for institutions currently operating. Those operating will apply to the board within 1 month or take a decision on liquidation within 3 months.
The activities of crypto asset providers operating abroad are also terminated with the transition period.
“It is essential that customers keep their crypto assets in their own wallets, and any damages and losses they may incur due to not keeping them in their own wallets will belong to the customers.”
Ankara Deputy Ömer İleri said that the draft law is not a bill that completely regulates blockchain technology and crypto assets, but rather aims to regulate cryptocurrency asset providers in Turkey, and that the regulation provides a legal basis for crypto assets.
