Turkey’s Legislation on Revisions Released in the Official Gazette! Here are the Details

• Turkey has published the Law on Amendments to the Capital Markets Law, which encompasses regulations pertaining to crypto assets, in the Official Gazette.

The studies on cryptocurrency legislation in Turkey have concluded, and the Law on Amendments to the Capital Markets Law, which includes regulations concerning crypto assets, has been published in the Official Gazette and has come into effect.

This law, which has undergone extensive examination, contains provisions related to cryptocurrencies and cryptocurrency service providers, along with regulations aimed at safeguarding customers from potential risks.

As a result, initial definitions such as “crypto asset,” “wallet,” “crypto asset service provider,” and “platform” have been incorporated into the law.

Under the law, cryptocurrency exchanges will be permitted to operate by obtaining a license from the CMB. Consequently, the one-month period for existing exchanges to submit their applications to the CMB has commenced.

The law stipulates that the CMB will oversee exchanges functioning without authorization. In this context, offering unauthorized crypto asset services has been classified as a crime under the Turkish Penal Code, with penalties ranging from 3 to 5 years of imprisonment and judicial fines from five thousand days to ten thousand days.

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