Legal Regulation for the Crypto Market is Coming to Turkey: What's Changing?
Hello everyone,
A significant legal regulation is coming to Turkey that will drastically change the crypto market.
A new bill submitted to the Turkish Parliament includes comprehensive regulations for crypto assets and service providers operating in this field. With these regulations, there will be many new rules and inspection processes that those wishing to operate in the crypto market will need to pay attention to. Here are the highlights of the proposed changes:
Key Regulations:
Definitions: Core concepts such as "wallet," "crypto asset," and "crypto asset service provider" are clearly defined.
Licensing and Supervision: It will be mandatory for crypto asset service providers to obtain a license from the Capital Markets Board (SPK) to establish and start their operations.
Security: Service providers must comply with criteria set by TÜBİTAK to ensure the security of their systems.
Custody Services: Regulations ensure that the storage of customers' crypto assets is handled by authorized and secure providers.
Customer Rights: Provisions related to customer identity verification, complaint mechanisms, and customer security are specified.
Embezzlement and Penalties: Severe penalties are outlined for illegal activities and embezzlement by crypto asset service providers.
Platforms: Rules and responsibilities for the trading, transfer, and custody of crypto assets on platforms are detailed.
These regulations aim to make the crypto asset ecosystem in Turkey more secure and organized. You can find more details on the proposed bill here