According to the last minute development, the cryptocurrency bill was accepted in the Turkish Grand National Assembly.
The Bill on Amendments to the Capital Markets Law, which was discussed at the General Assembly of the Grand National Assembly of Turkey (TBMM) and includes regulations regarding crypto assets, was accepted by the majority of votes and became law.
With the new law, capital requirements were introduced for cryptocurrency service providers. This regulation aims to both protect investors and impose a series of sanctions on companies providing services. How to establish relationships with cryptocurrency users and how to identify them is also regulated by law.
According to the regulation, permission from the Capital Markets Board will be required for service provider organizations and activities. In addition, the Capital Markets Board was authorized for the issuance, sale and distribution of crypto assets. All transfer transactions will be recorded.
With the new regulation, penalties for market fraud, market distortion actions and information abuse were also determined. Administrative fines of between 246 thousand liras and 6 million liras will be imposed on market disruptive actions.
12 million people have balance accounts in the capital markets. Platforms that meet the conditions set by the law will be authorized and banks will also need to obtain a custody license.
*This is not investment advice.
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