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In its announcement regarding crypto-asset service providers, the CMB stated that in accordance with relevant regulatory provisions, crypto-asset service providers operating or to be operating in Turkey will be placed under the supervision and oversight of the board within the scope of relevant laws.
According to the announcement, within the scope of this regulation, the sale, liquidation, transfer, storage of crypto assets and the storage and management of crypto assets or private keys with transfer rights are carried out. Wallets related to these assets are carried out as regular occupational, commercial or professional activities. It is said that various environments are within the scope of this law, and actions will be taken according to the relevant provisions against those who do not do so. Fulfill the obligations stipulated by the law.
Declaration required
The announcement stated:
* The first paragraph of the newly added provisional Article 11 of Law No. 6362 provides that “those engaged in the activities of crypto-asset service providers on the date of entry into force of this Law shall, within one month from the date of entry into force, submit to the Commission the documents decided by the Commission and apply to the Commission pursuant to Article 35/B of the Law and submit a statement indicating that they will make the necessary application to obtain approval. Those who meet the conditions for obtaining a business license under the secondary regulations issued in accordance with Article 35/C, or make a liquidation decision within three months without prejudice to the rights and interests of customers, shall not accept new customers in the liquidation process.
* Those who want to start activities after the entry into force of the law enacting this article declare that they will apply to the Commission before starting their activities and make the necessary applications to obtain an operating license by satisfying the conditions stipulated in the secondary regulation. The application submitted to the Board within the scope of this paragraph will be published on the Board’s website. The organization to be liquidated will publish this on its website and notify its customers by email, SMS, telephone and similar communication tools. The regulations are included.
* In this context, persons who have been carrying out the activities of a crypto-asset service provider as of July 2, 2024 and intend to continue doing so, are required to submit a written statement to the Board pursuant to the first paragraph of the Provisional Article 11, together with the necessary information, documents and explanations, by August 2, 2024.
In the announcement, those who have been carrying out the activity of a crypto-asset service provider as of July 2, 2024, and have decided to liquidate due to no intention to continue the activity, must submit a statement indicating that they will decide to liquidate and that they will not accept new customers during the liquidation process, as well as how they will carry out the liquidation procedure in the necessary form before August 2, 2024. They are said to need to submit a statement of their plans in writing to the CMB.
In the announcement, “In this context, organizations that will be required under the Law to make a liquidation decision by October 2, 2024 will publish this situation on their websites, without prejudice to the relevant provisions of the Turkish Commercial Code .6102, and will also communicate with customers by email, SMS, telephone and similar means of communication.” “The responsibility for properly sending notifications to customers belongs to the institution that will be liquidated.” it was said.
“You must apply for a business license”
The announcement states that after the entry into force of the law and before the entry into force of the secondary regulations issued by the Council, organizations that want to carry out activities must submit a written declaration to the Council. CMB, in accordance with the provisions of the first paragraph of provisional Article 11, together with the necessary information, documents and explanations, before starting its activities, including:
* Applications submitted to the Board will be published on the Board’s website under the “Institutions/Crypto-Asset Service Providers” tab in two separate lists: the “Operational List” and the “List of Announced Liquidations”, and the current list can be found at https://spk. It can also be accessed via gov.tr/kurumlar/kripto-varlik-hizmet-saglayicilar. Incomplete or insufficient applications will not be included in the “Active List”.
* After the entry into force of the secondary regulations issued by the Council in accordance with the law, any organization not included in the list shall not carry out any activities without the permission of the Council. Although the organizations included in the list will continue their activities, they will also apply for a license to operate according to the conditions stipulated in the secondary regulations.
“Unauthorized Crypto-Asset Service Provider”
The notice stated that those who fail to submit applications to the CMB in accordance with the prescribed procedures and before the prescribed date may be subject to action in accordance with Sections 99/A and 109/A of the Act, noting the following:
* For clients who have accounts in institutions that choose clearing or institutions that fail to apply to the Commission within the prescribed period, the failure of these institutions to meet the client’s transfer request will constitute the crime of unauthorized crypto-asset service provider activity within the scope of this article 109/A, and these persons will be sentenced to three to five years of imprisonment and up to five thousand days of imprisonment. It is worth noting that the person may be subject to a judicial fine of up to ten thousand days.
* Article 99/A, paragraph 1 of the law states that “any person who conducts activities for Turkish residents through a platform established abroad or provides prohibited activities regarding crypto assets to Turkish residents within the scope of the law” is also considered an unauthorized crypto asset service provider. If a business is opened in Turkey through a foreign platform, a Turkish website is created, or promotional and marketing activities are carried out directly and/or through individuals or institutions residing in Turkey regarding the crypto asset services provided, these activities will be considered to be directed to residents in Turkey.
* The Commission may determine additional criteria for determining that activities are directed to Turkish residents. The provisions are included. In this context, crypto-asset service providers located abroad must terminate their activities for Turkish residents no later than October 2, 2024, pursuant to the provisions of the first paragraph of Article 99/A of the Law. After this date, the provisions of Articles 99/A and 109/A of the Law will apply to those who continue to engage in activities directed to specific Turkish residents.
The announcement states that ATMs and similar electronic transaction devices located in Turkey that allow customers to convert crypto assets into cash or convert cash into crypto assets and transfer crypto assets, such activities shall be terminated on October 2, 2024 at the latest, as well as those who continue to operate after this date, and points out that the provisions of Articles 99/A and 109/A of the Law will apply to those who provide opportunities.
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