Cryptocurrencies in Turkey have achieved significant legal status with the publication of the cryptocurrency law in the Official Gazette. This new regulation introduces a crucial change in the legal framework by defining cryptocurrencies as “intangible fixed assets.” It also emphasizes the need for permission from the Capital Markets Board (SPK) and imposes severe penalties for unauthorized crypto activities.
Definition of Cryptocurrencies and the New Legal Framework
The revision of the Capital Markets Law now classifies cryptocurrencies as “intangible fixed assets,” providing a clear legal definition and regulation for these digital assets. This classification offers a more structured and enforceable approach to cryptocurrencies and Blockchain-based financial instruments, bringing greater clarity to the sector. Stay updated on the latest financial and business news at COINTURK FINANCE.
SPK Permission and Market Supervision Introduced
A notable aspect of the new law is the requirement for organizations operating in the cryptocurrency field to obtain permission from the Capital Markets Board (SPK). These organizations have a one-month period to apply for the necessary licenses and will be subject to regulatory supervision. This measure aims to enhance transparency and security in the cryptocurrency market, which has historically been prone to regulation and risk.
The Capital Markets Board (SPK) now has extensive powers to establish regulatory procedures concerning cryptocurrencies. It can make special and general decisions, implement measures and sanctions, and oversee the organization, scope, modification, fees, and termination of contracts between cryptocurrency service providers and their customers.
Severe Penalties for Unauthorized Crypto Activities
The new regulation imposes strict penalties on individuals engaged in unauthorized cryptocurrency activities. Those found guilty of unauthorized transactions may face judicial fines ranging from 5,000 to 10,000 days, as well as imprisonment for three to five years. This stringent stance aims to discourage illegal activities and promote compliance within the sector.
To ensure transparency and prevent fraud and other illegal activities, all transactions conducted on cryptocurrency exchanges will be meticulously recorded, creating a clear audit trail. These measures are designed to enhance transparency and security in the crypto market.
Listing Procedures and Regulatory Standards Introduced
Platforms dealing with cryptocurrencies are now required to develop a written listing procedure that governs the selection, initial sale or distribution, and termination of trading of assets. The Capital Markets Board (SPK) will also regulate the principles and standards to be applied to these procedures, further solidifying the framework within which these platforms operate.
The implementation of this regulation is a significant step towards integrating cryptocurrencies into the broader financial regulatory environment. The authorities aim to establish clear rules and strict enforcement mechanisms to promote a safer and more reliable cryptocurrency market.
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Disclaimer: The information provided in this article does not constitute investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry inherent risks, and should conduct their own research.
