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Turkey’s New Legislation on Bitcoin and Digital Assets Officially Released in Government Journal! Unveiling the Intricacies…
Turkey’s recent enactment concerning Bitcoin and digital assets has been officially disclosed in the Government Gazette, ushering it into immediate effect.
Writer:
Elif Azra Güven
01.07.2024 – 22:39
Update:
5 seconds ago
0
Finalizing the cryptocurrency legislative journey in Turkey, the newly introduced Law modifying the Capital Markets Law, encompassing provisions for crypto assets, has been publicized in the Government Gazette, becoming enforceable.
This prolonged legislative endeavor encapsulates regulations concerning cryptocurrencies, cryptocurrency service providers, and safeguards for consumers against potential threats.
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In essence, pivotal terms like “crypto asset,” “wallet,” “crypto asset service provider,” and “platform” have been enshrined within the statute.
Under the legislation, cryptocurrency exchanges will be empowered to proffer services post securing a license from the CMB. Subsequently, the countdown has commenced for existing exchanges to promptly lodge applications with the Turkish Capital Markets Board.
The law mandates the CMB to supervise unauthorized exchanges. Infringing upon the provision of illicit cryptocurrency services is deemed a criminal offense within the purview of the Turkish Penal Code, with sanctions ranging from imprisonment lasting 3 to 5 years, and a financial penalty spanning from five thousand to ten thousand days.
*This information is not intended as financial advice.
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