Regulation on Crypto Assets was Accepted in the General Assembly of the Grand National Assembly of Turkey!
The long-awaited regulation on crypto assets in Turkey, the Law Proposal on Amendments to the Capital Markets Law No. 6362 was submitted to the Grand National Assembly of Turkey (TBMM) on 16 May 2024. This proposal was prepared to fulfil the requirement for regulation due to the irreversible nature of crypto assets and the difficulties in monitoring them.
At this point, the relevant proposal was adopted by the TBMM General Assembly on 26.06.2024. The relevant regulation defines crypto asset service providers (HS) and crypto asset platforms. It also regulates the purchase, sale and transfer transactions of crypto asset platforms by persons resident in Turkey.
One of the noteworthy points is the requirement to obtain authorisation from the Capital Markets Board (CMB) for the establishment and operation of HSs. Moreover, the principles and guidelines that HSs must comply with will be determined by secondary regulations to be issued by the CMB. These secondary regulations will draw the boundaries of the activities of HSs and will be decisive.
We examined the proposed law, which includes important amendments regarding crypto assets before, you can find the details here.
The amendments are expected to be approved by the President within 15 days and will be published in the Official Gazette and enter into force.
You can reach the full text of the proposal, which includes the amendments in subject and was accepted as is here (only available in Turkish).
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