The first task of the Turkish Grand National Assembly (TBMM) after Eid al-Adha will be on the regulation of the 'crypto' market.

The most important goal of the regulation is; To increase transparency in the cryptocurrency market and protect investors. In this context, heavy sanctions will be imposed on platforms that do not comply with the rules.

The Turkish Grand National Assembly will put important legislative proposals on its agenda after Eid al-Adha.
Chief among those offers are; A bill that regulates the crypto market is coming.

CMB will be given broad authority
With the regulation, capital requirements will be introduced for service providers. Both investors will be protected and a series of sanctions will be imposed on service providers.

How to establish relationships with cryptocurrency users and how to identify them will also be regulated by law.

According to the regulation, permission will be obtained from the Capital Markets Board (CMB) for service provider organizations and activities. CMB will also be authorized for the issuance, sale and distribution of crypto assets. All transfer transactions will be recorded.
12 million people have balance accounts in the capital markets. When the proposal becomes law, platforms that meet the specified conditions will be authorized, and banks will also need to obtain a custody license.

Penalty of up to 6 million lira for market-distorting actions

The regulation will also determine the penalties for market fraud, market distortion actions and information abuse. Within the scope of market distortion activities, administrative fines between 246 thousand liras and 6 million liras will be imposed.
(TRT News)

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Cryptocurrency bill is on the agenda of the Parliament!

According to the regulation, in the negotiations that will start on Tuesday, June 25, it will be mandatory to obtain permission from the Capital Markets Board (CMB) in order to establish and start operating crypto asset service providers.
The General Assembly of the Turkish Grand National Assembly will begin discussions on the bill containing regulations regarding crypto assets. In addition, Google officials will inform the Digital Mediums Commission, which will meet with the 'digital copyright' agenda.
Service will not be provided without permission.
The General Assembly, which will start its weekly work on Tuesday, June 25, will discuss the Bill on Amendments to the Capital Markets Law.
Natural persons and officials of legal entities who are found to be operating as crypto asset service providers without permission will be sentenced to three to five years of imprisonment and a judicial fine of 5,000 to 10,000 days.
Declaration obligation
The chairman and members of the board of directors and other members of the crypto asset service provider who commit the crime of embezzlement will be punished with imprisonment from 8 to 14 years and a judicial fine of up to 5 thousand days.
Each year, one percent of all revenues of the platforms, excluding interest income from the previous year, will be paid to the CMB budget and one percent to the TÜBİTAK budget until the end of May of the relevant year and recorded as income.
Those who operate as crypto asset service providers will have to submit a statement stating that they will make the necessary applications to obtain an operating permit within one month from the effective date or that they will take a liquidation decision within three months without damaging customer rights and interests.
Crypto asset service providers based abroad will terminate their activities for people residing in Turkey within three months following the date of entry into force of the law.

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