Crypto asset regulation published in the Official Gazette

The Law on Amendments to the Capital Markets Law has been published in the Official Gazette and has entered into force.

With this regulation, crypto assets have been defined as "intangible assets" for the first time.

Authorization from the Capital Markets Board (SPK) will be required to operate in the crypto asset sector. A one-month period will be granted for license applications.

PRISON AND FINES FOR UNAUTHORIZED ACTIVITIES

Those operating without authorization will face prison sentences ranging from three to five years and judicial fines ranging from 5 thousand to 10 thousand days. All transfers occurring on crypto asset platforms will be recorded.

SPK TO BE AUTHORIZED FOR MEASURES AND SANCTIONS

The SPK will be authorized to establish regulatory procedures, take specific and general decisions, and implement measures and sanctions regarding crypto assets that provide rights specific to capital market instruments.

The SPK will be able to make determinations regarding the arrangement, scope, amendment, fees and expenses, termination, and cancellation of contracts between crypto asset service providers and their customers, as well as the minimum requirements that must be included in the content of these contracts.

It will be mandatory for platforms to establish a written listing procedure regarding the determination of crypto assets that will be traded on their platforms or that will be subject to initial sale or distribution, and the termination of their trading; the Board may regulate principles and procedures in this regard.

News Source: 12punto