The Official Gazette has published Turkey’s new law on Bitcoin and cryptocurrency, which includes regulations for crypto assets. This law, which has been in the works for some time, aims to protect customers and provide guidelines for cryptocurrency service providers.
The law includes definitions for terms such as “crypto asset,” “wallet,” “crypto asset service provider,” and “platform.” It also requires cryptocurrency exchanges to obtain a license from the CMB in order to operate. Existing exchanges have a one-month period to apply for this license.
The CMB will be responsible for monitoring exchanges that operate without permission, and unauthorized crypto asset services will be considered a crime under the Turkish Penal Code. The penalty for this offense is imprisonment for 3 to 5 years and a judicial fine ranging from five thousand to ten thousand days.
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