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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