Cryptocurrency law studies in Turkey have come to an end and the Law on Amendments to the Capital Markets Law, which includes regulations regarding crypto assets, was published in the Official Gazette and entered into force.
The law, 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.
Accordingly, first of all, definitions such as “crypto asset”, “wallet”, “crypto asset service provider” and “platform” were included in the law.
According to the law, cryptocurrency exchanges will be able to provide services by obtaining a license from the CMB. At this point, the one-month period for existing stock exchanges to apply to the CMB has begun.
According to the law, CMB will monitor exchanges operating without permission. At this point, providing unauthorized crypto asset services was considered a crime within the scope of the Turkish Penal Code, and the penalty was determined as imprisonment from 3 to 5 years and a judicial fine from five thousand days to ten thousand days.
*This is not investment advice.