Turkish Capital Markets Authority Releases Official Statement on Cryptocurrency Regulations
The Turkish Capital Markets Authority (CMB) has issued a statement concerning the regulation of cryptocurrencies in an official communication.
Authored by: Mete Demiralp
Date: July 2, 2024 – 4:30 PM
Last Updated: 6 seconds ago
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In light of the recent regulatory changes pertaining to crypto assets, the Capital Markets Authority (CMB) has released a statement.
The CMB has set up dedicated pages on spk.gov.tr where crypto asset service providers and individuals seeking to liquidate their assets will be listed. Additionally, application forms have been included at the end of the official announcement.
Following the enactment of Law No. 7518, titled “Amendments to the Capital Markets Law,” which was published in Official Gazette No. 32590 dated July 2, 2024, all crypto asset service providers currently operating or planning to operate in Turkey will fall under the regulatory and supervisory jurisdiction of the CMB.
Under the new regulation, any activities involving the purchase, sale, clearing, transfer of crypto assets, as well as storage services and management of crypto assets or private keys enabling transfers from wallets to these assets conducted on a regular, commercial, or professional basis are subject to regulation. Non-compliance with the specified legal obligations will result in appropriate actions being taken.
As per a temporary provision added to the Law, individuals engaged in crypto asset service provider activities at the time this Law comes into force must apply for an operating permit to the CMB within one month from the effective date, submitting the required documents and meeting conditions outlined in subsequent regulations yet to be issued. Furthermore, they must declare their intention to liquidate within three months, ensuring the protection of customer rights and interests while refraining from accepting new clients during the liquidation process.
In a related development, individuals conducting crypto asset service provider activities as of July 2, 2024, who wish to continue their operations, must submit necessary declarations, along with pertinent information, documents, and clarifications, in writing to the CMB by August 2, 2024.
For those engaged in crypto asset service provider activities as of July 2, 2024, who opt to liquidate their operations, they must inform the CMB about their liquidation plans, including a commitment to not accept new customers during the liquidation phase, by August 2, 2024, either in written form.
Foreign-based cryptocurrency service providers must cease their operations targeting Turkish residents by October 2, 2024, at the latest.
*This communication does not constitute investment advice.
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