An important stage in cryptocurrency studies in Turkey has been reached, and AK Party Group Chairman Abdullah Güler announced the details of the “Proposal for Amendment to the Capital Markets Law” during the press conference held at the Turkish Grand National Assembly.
Güler said that the announced bill first includes the definition of concepts such as wallet, cryptocurrency service provider and platform in the cryptocurrency ecosystem.
Abdullah Güler made the following statements:
“Cryptocurrency exchanges will start providing services by obtaining a license from the CMB.
The sale and distribution of crypto assets will be determined by the CMB. A preliminary report will be received from TÜBİTAK for the issuance of cryptocurrencies.
The provision of cryptocurrency investment advice will be regulated by the CMB.
CMB will monitor exchanges operating without authorization.
Customer assets cannot be seized due to debts of cryptocurrency exchanges.
Providing cryptocurrency services without authorization will be considered a crime under the Turkish Penal Code and the penalty will be 3 to 5 years imprisonment.
There will be a transition period for currently operational institutions. “The operators will approach the board within 1 month or make a decision on liquidation within 3 months.”
The news will be updated.
