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BTC Dominance:
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Market Cap:
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Fear & Greed:
74 / 100
Bitcoin:
$ 66.228
BTC Dominance:
% 54.5
Market Cap:
$2.38 T

Turkey Approves Crypto Asset Regulation

Turkey

The draft law on amendments to the Capital Markets Law, which includes regulations on crypto assets, was accepted by the TBMM Planning and Budget Committee.

The draft law on crypto asset regulation was accepted by the TBMM Planning and Budget Committee. The new regulation aims to protect the rights and interests of investors.

With the new regulation, it will be mandatory for crypto asset service providers to obtain permission from the Capital Markets Board (SPK) in order to be established and operate. Real and legal persons who are detected to operate as crypto asset service providers without obtaining permission will be punished with imprisonment from 3 to 5 years and a judicial fine from 5 thousand to 10 thousand days.

Crypto asset service provider board of directors chairmen and members and other employees who commit embezzlement will be punished with imprisonment from 8 to 14 years and a judicial fine of up to 5 thousand days.

Except for the previous year’s interest income, one percent of all revenues of the platforms will be paid to the SPK and one percent to the TÜBİTAK budget and recorded as income by the end of May of the relevant year.

Crypto asset service providers resident abroad will terminate their activities directed at persons resident in Turkey within three months following the date of entry into force of the law.

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