Turkey has been discussing cryptocurrencies for a while. After the crypto asset definition made by the Central Bank, the eyes were turned to new regulations.
While institutions are working feverishly on legal regulations regarding cryptocurrencies, it remains unclear which institution will follow the transactions related to cryptocurrencies.
As you know, the giving of investment advice by unauthorized persons regarding capital markets is supervised by the CMB and is subject to severe sanctions.
So What Is The Situation With Cryptocurrency?
We asked this to Cimer. Below you can see the question we asked to Cimer and the answer that came after about 1 year.
Question: Due to the increasing interest in cryptocurrencies, many people and groups have been sharing investment advice on crypto money prices on social media lately. Some posts are based on direct market manipulation and defrauding people. He shares direct investment advice such as “This crypto money will go up like this, buy here, sell here”. We know that such sharing about stock markets is a crime, but since the crypto money markets are an unregulated area, is the state sanctioned for such actions? Has anyone or institution been penalized for market manipulation and giving investment advice without authorization?
Response of the Presidency of the Central Bank of the Republic of Turkey:
“In our country, there is no legal regulation and no directly responsible public authority regarding crypto assets, also called “crypto money”, and the platforms where these assets are exchanged. With the press release of the Financial Stability and Development Committee of the TR Ministry of Treasury and Finance on January 11, 2018, an announcement was made on the risks of Bitcoin and other crypto assets. Please be informed.”
As it can be seen, due to the lack of legal regulation, there are no sanctions for investment recommendations regarding crypto assets for now.