The General Assembly of the Grand National Assembly of Turkey (TBMM) accepted the Bill on Amendments to the Capital Markets Law, which includes regulations regarding crypto assets, by majority vote and enacted it. This new law includes a number of important regulations for companies providing services in the crypto asset market and aims to create a safer, transparent and orderly environment in the market.
With the new regulation, capital requirements were introduced for crypto asset service providers. While this requirement contributes to strengthening the financial structures of service provider companies, it also aims to protect investors. The capital requirement will contribute to market stability by ensuring that companies become more financially sound.
The law also provides detailed regulations on how to establish relationships between crypto asset users and service providers and how to identify them. Permission from the Capital Markets Board (CMB) will now be required for service provider organizations and their activities. This will ensure tighter control of market players and prevent illegal activities.
CMB was also given broad powers regarding the issuance, sale and distribution of crypto assets. CMB will supervise and regulate all transactions in these processes. This step will increase transparency in the crypto asset market and ensure that all transfer transactions are recorded. Thus, activities such as illegal transactions and money laundering will be prevented.
The new regulations also impose serious sanctions against market fraud, market distortion activities and information abuse. Administrative fines ranging from 246 thousand liras to 6 million liras will be imposed for market disruptive actions. These penalties are of great importance in ensuring market security and protecting the rights of investors.
On the other hand, recording all transfer transactions will help increase market transparency. This will enable market players to make more informed decisions and create a fairer competitive environment in the market. Additionally, this transparency will make it easier to detect and prevent illegal activities.
The prominent headlines of the law are:
Capital Requirement: Capital requirements have been introduced for service providers, thus ensuring the protection of investors.
CMB Permit: Permission will be obtained from the Capital Markets Board (CMB) for service provider organizations and their activities.
Transfer Records: All transfer transactions will be recorded
Manipulative Actions: Administrative fines between 246 thousand liras and 6 million liras will be imposed for market disruptive actions.
Independent Audit: The audit of the financial and information systems of service providers will be carried out by independent audit institutions determined by the CMB.
Authorization to Suspend Operations: CMB may temporarily suspend the activities of service providers when necessary.
Prison Sentences: Prison sentences will be imposed for those who operate without permission and those who commit embezzlement.
Income tax: Platforms will pay 2% of their annual income to CMB and TÜBİTAK.
Foreign Activities: Foreign crypto service providers will terminate their activities in Turkey.
Administrative-Judicial Requests: Injunctions, seizures and all similar administrative and judicial requests regarding cash and crypto assets belonging to customers will be fulfilled by crypto asset service providers.
These new regulations, adopted and enacted by the General Assembly of the Turkish Grand National Assembly, aim to create a more secure, transparent and orderly environment in the crypto asset market. These steps taken to protect investors and increase market reliability will help Turkey achieve a stronger and more stable position in the crypto asset market.
The law in question will be published in the Official Gazette after it is approved by the President.
You can access the bill proposal from this link.
You can access live market data here.
