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With the cryptocurrency law published in the Official Gazette at night, cryptocurrencies in Turkey have now gained significant legal status. The regulation defines cryptocurrencies as “intangible fixed assets,” bringing an important change in the legal framework. The requirement to obtain permission from the Capital Markets Board (SPK) and the imposition of severe penalties for unauthorized crypto activities are also noteworthy.
Definition of Cryptocurrencies and the New Legal Framework
The regulation on cryptocurrencies defines them as “intangible fixed assets” through amendments to the Capital Markets Law. This new classification provides a legal definition and regulation for cryptocurrencies. Additionally, it offers a more structured and enforceable approach for cryptocurrencies and Blockchain-based financial instruments.
This law represents a critical step in defining and regulating cryptocurrencies on a legal basis. Specifically, stricter oversight of platforms facilitating cryptocurrency trading aims to reduce uncertainties in the sector and increase investor confidence.
SPK Permission and Market Supervision Introduced
One of the most notable aspects of the new law is the requirement for organizations operating in the cryptocurrency field to obtain permission from the Capital Markets Board (SPK). These organizations will be given a one-month period to apply for the necessary licenses and will be placed under regulatory supervision. This measure aims to increase the transparency and security of the historically regulation-prone and risky cryptocurrency market.
SPK has been granted extensive powers to establish regulatory procedures related to cryptocurrencies, make special and general decisions, and implement measures and sanctions. This includes overseeing the organization, scope, modification, fees, and termination of contracts between cryptocurrency service providers and their customers.
Severe Penalties for Unauthorized Crypto Activities
The regulation imposes strict penalties on those engaged in unauthorized cryptocurrency activities. Individuals found guilty of unauthorized transactions will face judicial fines calculated between 5,000 and 10,000 days, as well as imprisonment ranging from three to five years. This strict stance is expected to deter illegal activities and promote compliance within the sector.
Additionally, all transactions conducted on cryptocurrency exchanges will be meticulously recorded, ensuring a clear audit trail. This step aims to prevent fraud and other illegal activities. These measures are designed to increase transparency and security in the crypto market.
Listing Procedures and Regulatory Standards Introduced
Platforms dealing with cryptocurrencies are now required to develop a written listing procedure that regulates the selection, initial sale or distribution, and termination of trading of assets. SPK will also regulate the principles and standards to be applied to these procedures, further solidifying the framework within which these platforms operate.
The implementation of this regulation represents a critical step towards integrating cryptocurrencies into the broader financial regulatory environment. Authorities aim to promote a safer and more reliable cryptocurrency market by defining clear rules and establishing strict enforcement mechanisms.
