Turkey's cryptocurrency bill was passed by the Commission in the Turkish Grand National Assembly. The draft law will be discussed in the General Assembly in the coming weeks.
According to NTV's news, the Bill on Amendments to the Capital Markets Law, which includes regulations regarding crypto assets, was accepted by the Grand National Assembly of Turkey Planning and Budget Commission.
The proposal, which has been studied for a long time, includes provisions regarding cryptocurrencies and cryptocurrency service providers, as well as regulations to protect customers against possible risks.
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 in recent weeks.
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.
Foreign cryptocurrency exchanges were also included in the bill. Güler said that foreign exchanges that operate abroad and have not yet established a company in Turkey can operate in our country by first establishing a company in Turkey and fulfilling the necessary conditions to obtain a license to be announced by the CMB.
Imprisonment for Unauthorized Activity!
Stating that CMB will monitor the activities of cryptocurrency exchanges, Güler stated that according to the bill, providing crypto asset services without permission will be considered a crime within the scope of the Turkish Penal Code and the penalty will be imprisonment from 3 to 5 years.
*This is not investment advice.
