🇹🇷🔥Breaking News: Cryptocurrency law in #Turkey was passed by the Parliament and became law
The Draft Law on Regulations on Crypto Assets, which allows amendments to the Capital Markets Law, was accepted by the General Assembly of the Turkish Grand National Assembly and became law.
The new regulation regarding the cryptocurrency market, which has become an important investment tool in recent years, was accepted at the General Assembly of the Turkish Grand National Assembly.
With the regulation, legal forms that caused harm were eliminated.
SPK was given broad authority
With the new law, capital conditions were introduced for service providers. Thus, both investors will be protected and a series of sanctions can be imposed on service providers. In addition to cryptocurrency, how it is established and how it is defined is also regulated by law.
According to the regulation, permission will be obtained from service provider organizations and the Capital Markets Board.
SPK is authorized for the issuance, sale and distribution of crypto assets. All transfer records will be recorded.
12 million people have accounts
12 million people have balance accounts in the capital market.
Platforms that meet the conditions will be authorized by law and banks will also need to obtain a custody license.
Tight control of the crypto market
The regulation also established penalties for market fraud, market distortions and misuse of information.
It is expected that administrative fines of between 246 thousand liras and 6 million liras will be imposed on those who engage in destructive behavior in the market.
