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Official Declaration from Turkish Securities Regulator Regarding Cryptocurrency Regulation
The Turkish Capital Markets Board (CMB) has issued an official statement on the regulation of cryptocurrencies.
By Mete Demiralp
02.07.2024 – 16:30
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Following the introduction of new regulations concerning crypto assets, the Capital Markets Board (CMB) released a statement.
The CMB has developed web pages on spk.gov.tr where providers of crypto asset services and individuals opting for liquidation will be listed. Additionally, application forms have been included at the end of its announcement.
The CMB has announced that the “Law on Amendments to the Capital Markets Law,” numbered 7518, became effective upon its publication in the Official Gazette, numbered 32590, dated 02.07.2024. This regulation places crypto asset service providers currently operating in or planning to enter the Turkish market under the regulatory and supervisory jurisdiction of the CMB.
According to the regulation, any activity involving the purchase, sale, clearance, transfer of crypto assets, the provision of storage services related to these assets, and the storage and management of crypto assets or private keys enabling their transfer from the wallet, conducted as a regular occupation, commercial, or professional activity, falls within the scope of anonymity. Those failing to comply with the obligations outlined in the law will face repercussions.
A temporary provision inserted into the Law dictates that individuals engaging in crypto asset service provider activities at the time of the law’s enforcement must apply for an operational license within one month from the effective date. This application should be submitted to the Board along with the required documentation as determined by the Board, and by fulfilling the conditions set forth in the subsequent regulations mandated by the Law. Moreover, such individuals are obliged to decide on liquidation within three months, ensuring customer rights and interests remain unaffected, and refrain from accepting new clients during the liquidation process.
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In light of this, individuals engaging in crypto asset service provider activities as of 02.07.2024, and intending to continue, must submit their compliance statements, along with all relevant information, documents, and explanations, in writing to the CMB by 02.08.2024.
As of 02.07.2024, individuals involved in crypto asset service provider activities who opt for liquidation due to their decision to discontinue this venture must present their plans for the liquidation process to the CMB in writing by 02.08.2024. They must affirm their intent to undergo liquidation and stop accepting new clients during this phase.
Crypto service providers located overseas must cease operations for residents in Turkey no later than 02.10.2024.
*This is not financial advice.
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