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In the voting held in the general assembly of the Turkish Grand National Assembly, the proposal containing the regulations regarding cryptocurrencies was accepted and thus the first legal regulation regarding cryptocurrencies was implemented.
This bill on cryptocurrencies was prepared after examining the practices around the world. This proposal, which has been in the works for a long time, includes provisions regarding crypto assets and service providers, as well as regulations aimed at protecting customers against risks.
The answers to 10 questions regarding the bill on crypto assets accepted by the Turkish Grand National Assembly are as follows:
1- In which law will the legal infrastructure regarding crypto assets be created?
Regulations regarding cryptocurrencies will be included in the Capital Markets Law. The proposal will add definitions of crypto assets to this law.
Once the bill is accepted in the general assembly of the Turkish Grand National Assembly, it will become law, be published in the Official Gazette and enter into force.
2- How will crypto asset service providers operate?
In order for crypto asset service providers to be established and start their activities, permission will be required from the Capital Markets Board (CMB). In addition, compliance with the information systems and technological infrastructure criteria to be determined by TÜBİTAK will be sought during the establishment and start-up processes of these service providers. Procedures and principles regarding investment consultancy and portfolio management will also be determined by the CMB.
3- How will prices be formed?
Prices will be determined freely on the platforms. Platforms will determine the order and transaction principles, establish the necessary surveillance systems and take preventive measures in order to ensure that transactions are carried out in a reliable, transparent, effective, stable, fair and competitive manner.
4- What principles will be sought in wallet and fund records?
Records regarding customers' cryptocurrency transfers and fund transfers will be kept secure, accessible and traceable by crypto asset service providers. The integrity, accuracy and confidentiality of all transaction records will be ensured. Regulations made by the CMB and the Financial Crimes Investigation Board will be complied with.
5- What will be the regulations regarding customers' crypto assets and cash?
Customers' crypto assets will be kept in their own wallets. Crypto assets that customers do not prefer to keep in their own wallets will be stored by authorized banks or organizations, and customers' cash will be kept in banks.
6- Who will be responsible for failure to fulfill obligations?
Crypto asset service providers will be responsible for damages and problems in information systems arising from their illegal activities. These obligations will be subject to the relevant provisions of the Turkish Code of Obligations.
7- Can crypto assets be seized?
Customers' cash and crypto assets cannot be seized, pledged, included in the bankruptcy estate, or injunctions imposed on them due to the debts of crypto asset service providers, even for public receivables. Assets belonging to customers will be kept in authorized institutions only in case of seizure by judicial authorities.
8- What penalties will be imposed for unauthorized crypto asset service provider activity?
Persons who engage in unauthorized crypto asset service provider activities will be punished with imprisonment from 3 to 5 years and a judicial fine. Service providers who commit embezzlement will face more severe penalties.
9- Will there be any taxes or service fees charged from crypto asset platforms?
While no taxation will be introduced with the regulation, one percent of the revenues of the platforms will be paid to the CMB and one percent to the TÜBİTAK budget as a service fee every year.
10- What will crypto asset service providers do if the law comes into force?
Within one month from the date of entry into force of the law, existing crypto asset service providers will have to apply to the Board and obtain an operating permit or take a decision on liquidation. Service providers based abroad will terminate their activities in Turkey within three months.
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