Cryptocurrency Law Announced⚠️🤷‍♀️⚠️

1. Crypto asset service providers will be required to obtain permission from the Capital Markets Board (CMB) in order to be established and operate.

2. Officials of real and legal entities operating as crypto asset service providers without permission will be sentenced to imprisonment from three to five years and a judicial fine of 5 thousand to 10 thousand days.

3. The chairman and members of the board of directors and other members of crypto asset service providers will be sentenced to imprisonment from 8 to 14 years and a judicial fine of up to 5 thousand days if they commit embezzlement.

4. Each year, one percent of all revenues of the platforms, excluding interest income, will be paid to the CMB, and one percent will be paid to the TÜBİTAK budget by the end of May of the relevant year and recorded as income.

5. Crypto asset service providers will have to apply for an operating permit within one month from the entry into force of the law or submit a statement that they will take a liquidation decision within three months without harming customer rights and interests.

6. Crypto asset service providers located abroad will terminate their activities for persons residing in Turkey within three months from the date of entry into force of the law.