The amendments to the Capital Markets Law, adopted by the Grand National Assembly of Turkey (TBMM) General Assembly, bring new breath to the world of crypto assets. The law clearly defines wallet and crypto asset concepts while expanding the powers of the Capital Markets Board (SPK).
🪙 Summary of the New Regulations:
🔹Technology-Focused Management: Crypto service providers must have the technological infrastructure and information systems determined by TÜBİTAK before starting their activities.
🔹Cooperation with the Banking Sector: SPK will cooperate with the Banking Regulation and Supervision Agency (BDDK) on regulations concerning the banking sector.
🔹 Investor Security: Crypto assets will not be subject to investor compensation provisions.* Audit and Transparency: The financial and information systems of crypto service providers will be audited by independent audit institutions determined by SPK.
🔹 Rapid Intervention: SPK will be able to temporarily suspend the activities of crypto service providers in certain situations.
🔹 Activities on the Internet: SPK will have the authority to remove content or block access against unauthorized capital market activities.
🔹 Compliance with Legal Requests: Legal requests regarding cash and crypto assets belonging to customers will be fulfilled by crypto service providers.
🪙 Deterrent Penalties and New Revenue Models:
🔹 Severe Penalties: Unauthorized crypto service providers may face 3-5 years in prison and judicial fines of 5,000-10,000 days.
🔹 Revenue Sharing: 1% of the annual revenue of platforms will be transferred to SPK, and another 1% to TÜBİTAK.
🔹 Embezzlement Crime: Those committing embezzlement will be punished with 8-14 years in prison and a judicial fine of 5,000 days.
🪙 Responsibilities Brought by the New Regulations:
🔹 Activity Permission and Liquidation: Crypto service providers must take the necessary steps within certain periods to obtain operating permission or initiate the liquidation process.
🔹 Overseas Activities: Crypto service providers based abroad must terminate their activities in Turkey within three months of the law's enactment.