The Capital Markets Board (CMB) published a statement following the new regulations regarding crypto assets.
CMB prepared the pages under spk.gov.tr, where crypto asset service providers and those who decided to liquidate will be listed, and added the application forms to the bottom of its announcement.
CMB stated that the “Law on Amendments to the Capital Markets Law” numbered 7518 entered into force after being published in the Official Gazette numbered 32590 dated 02.07.2024. With this regulation, crypto asset service providers operating or will operate in Turkey were placed under the regulatory and supervision authority of the CMB.
Within the scope of the regulation, all kinds of environments where one or more of the activities of buying, selling, clearing, transferring crypto assets and the storage service required by them and the storage and management of crypto assets or private keys that provide the right to transfer from the wallet to these assets are carried out as a regular occupation, commercial or professional activity. fell within the scope of the anon. Action will be taken against those who do not fulfill the obligations specified in the law.
According to the temporary article added to the Law, those who carry out crypto asset service provider activities on the date of entry into force of this Law will make the necessary applications to obtain an operating permit by applying to the Board with the documents to be determined by the Board, within one month from the effective date, and by meeting the conditions to be stipulated in the secondary regulations to be issued in accordance with the provisions of the Law. In addition, they will decide to liquidate within three months without damaging customer rights and interests and will not accept new customers during the liquidation process.
In this context; Those who have been carrying out crypto asset service provider activities as of 02.07.2024 and have the will to continue to do so are required to submit their appropriate declarations, together with information, documents and explanations, to the CMB in writing by 02.08.2024.
As of 02.07.2024, those who have been carrying out crypto asset service provider activities and will decide to liquidate because they do not have the will to continue this activity, must submit their statements on how they will carry out the liquidation process to the CMB, together with their statements that they will take a liquidation decision and that they will not accept new customers during the liquidation process, by 02.08.2024. They must either submit it in writing.
In this context, cryptocurrency service providers located abroad must terminate their activities for people residing in Turkey by 02.10.2024 at the latest.
*This is not investment advice.