The Capital Markets Board (CMB) stated implementing the new crypto asset regulations.
The application forms were incorporated into the bottom of the announcement by CMB, which also prepared the pages under spk.gov.tr for listing crypto asset service providers and those who have elected to liquidate.
CMB declared that the “Law on Amendments to the Capital Markets Law” numbered 7518 became effective upon its publication in the Official Gazette numbered 32590 on 02.07.2024.
Due to this regulation, the CMB was granted regulatory and supervision authority over crypto asset service providers that are currently or will be operating in Turkey.
Any environment in which one or more of the activities of buying, selling, clearing, transferring, and storing crypto assets and the storage service required by them, as well as the storage and management of crypto assets or private keys that provide the right to transfer from the wallet to these assets, are conducted as a regular occupation, commercial, or professional activity, is within the scope of the regulation fell within the ambit of the anonymous. Noncompliance with the law’s obligations will result in consequences.
Following the temporary article incorporated into the Law, individuals who engage in crypto asset service provider activities on the date of the Law’s entry into force will submit the requisite applications for an operating permit to the Board within one month of the effective date.
These applications must be accompanied by the documents that the Board determines. They must satisfy the conditions outlined in the secondary regulations that will be issued by the Law’s provisions.
Furthermore, they will determine to liquidate within three months without jeopardizing the rights and interests of their customers and will not accept new customers during the liquidation process.
In this context, individuals conducting crypto asset service provider activities as of 02.07.2024 and intend to continue doing so are obligated to submit their declarations, information, documents, and explanations to the CMB in writing by 02.08.2024.
As of 02.07.2024, individuals who have been conducting crypto asset service provider activities and have decided to liquidate due to a lack of motivation to continue must submit their statements regarding the liquidation process to the CMB by 02.08.2024.
Additionally, they must state that they will not accept new customers during the liquidation process and will make a liquidation decision. They must either submit it in writing.
In this context, cryptocurrency service providers situated outside of Turkey must cease their operations for individuals who reside in Turkey by no later than 02.10.2024.
