According to PANews, the Turkish Parliament passed the Capital Markets Law Amendment, introducing new regulations on crypto assets. The main contents of the new regulations include:
1. The Capital Markets Board (SPK) now has the power to oversee cryptocurrency trading and “impose measures and sanctions” such as freezing and seizing funds. Platforms must develop written listing procedures to determine which crypto assets will be traded or offered and distributed for the first time and comply with the principles and regulations of the SPK.
2. Individuals and legal persons who operate crypto-asset services without authorization will face 3 to 5 years in prison; service providers who misappropriate entrusted funds or assets, including crypto-assets, will face 8 to 14 years in prison and will be required to pay compensation for losses; if the crime involves deceptive behavior to conceal the misappropriation of public funds, the offender will face 14 to 20 years in prison; individuals who are found to have illegally used the resources of a revoked crypto-asset service provider for personal or third-party benefits will face 12 to 22 years in prison.
3. The platform price will be determined freely, and a monitoring system must be established and all preventive measures must be taken to detect, prevent and avoid behaviors that disrupt the market; the platform should identify and report behaviors and transactions that disrupt the market order, take necessary measures such as restricting, suspending, and closing the accounts involved, and report to SPK.
4. SPK will formulate regulations on investment consulting and portfolio management related to crypto assets. Authorization certificates will be issued to crypto asset service providers to carry out their activities. Banks will need to obtain approval from the Banking Supervisory Authority (BDDK).
