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Türkiye’s first law and regulation on crypto assets was passed by the Grand National Assembly of Türkiye.
The bill on amendments to the Capital Markets Law, which includes provisions on issues such as the definition of crypto assets and obtaining licenses, has been accepted by the Turkish Grand National Assembly and has become law.
So, what changes will the first legal provisions in this field bring to the industry?
Below is a Q&A on the salient topics of the regulation and some of the changes it will bring to the cryptoasset ecosystem:
1- Will investors be taxed?
Taxation is one of the most curious aspects of regulation. The law does not contain any provisions for taxing investors.
Only 1% of all income of the platform providing services in Turkey (excluding interest income from the previous year) is paid annually to the Capital Markets Board (CMB), and 1% is paid to the TÜBITAK budget and included in income at the end of May of the relevant year.
2- Which institutions are the competent authorities?
CMB will be authorized to issue capital market instruments in the form of crypto assets. While CMB has the power to regulate the ecosystem, the standards determined by TÜBITAK regarding information systems and technological infrastructure will be applied.
3- Will permission be obtained to provide transactions to users?
One of the main focuses of the first batch of regulations is the licensing process for platforms that provide services in the country. Therefore, platforms must obtain a license from the CMB before they can be established and start operations.
Companies currently operating as service providers will have to make the necessary applications to obtain an operating license within 1 month from the effective date. If these platforms do not want to obtain a license, they must submit a statement that they will make a liquidation decision within 3 months and will not harm the interests of customers.
4- What happens if the platform conducts transactions without permission?
Natural persons and officials of legal entities who operate crypto-asset service providers without permission shall be sentenced to fixed-term imprisonment of 3 to 5 years and a judicial fine of 5,000 to 10,000 days.
5- Will foreign platforms be shut down if they do not obtain a license?
According to the law, no action will be taken against platforms that are headquartered overseas, do not provide services within the country, and do not have a license.
However, those who conduct business in Turkey without obtaining a license from these platforms, create a Turkish website, participate in any promotion and marketing activities of crypto asset services provided directly or through Turkish residents or individuals or institutions will be considered unauthorized cryptocurrency service providers.
6- Can crypto assets be seized?
Customers’ cash and crypto assets cannot be seized for debts of crypto asset service providers. Crypto asset service providers’ assets cannot be seized, even for public receivables arising from customer debts.
7- How will the listing of crypto assets be conducted?
The principles and rules for listing crypto assets will be determined by CMB. In the determined principles and rules, technical standards regarding the technical characteristics of crypto assets may be incorporated by taking into account the opinions of TÜBITAK or other institutions and organizations deemed necessary. Just because crypto assets are listed by the platform does not mean that they are publicly approved.
8- Who will monitor the platform?
The financial audits and independent audits of information systems of crypto asset service providers will be conducted by independent audit firms on the list published by China Merchants Bank.
9- Will platform administrators be punished?
The chairman, board members and other members of a crypto asset service provider who commit corruption will be sentenced to 8 to 14 years in prison and a judicial fine of up to 5,000 days.
10- Can I use cryptocurrency ATMs?
Electronic transaction devices known as ATMs, which allow customers to convert their crypto assets into cash or crypto assets, will cease operations within three months of the law taking effect. ATMs that do not cease operations will be closed by authorized management.
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