The brand new cryptocurrency legislation was revealed within the Official Gazette of the Turkish Republic after approval by Parliament. It not solely legalizes digital currencies, but additionally introduces strict supervision and penalties for unauthorized actions.
New cryptocurrency legislation in Türkiye marks a major shift in how digital property are perceived and managed within the nation. The legislation was developed with the participation of the Capital Markets Board (SPK) and introduces complete regulatory requirements. Specifically, cryptocurrencies are categorized as “intangible fastened property” within the Capital Markets Legislation. This classification affords a transparent authorized definition, growing the legitimacy of cryptocurrencies within the Turkish monetary ecosystem.
A particular characteristic of the legislation is the requirement for organizations to acquire permission from the SPK to work with cryptocurrencies. Organizations are given a interval of 1 month to use for the required licenses, after which they’ll come underneath the supervision of the SPK.
The brand new legislation introduces penalties for unauthorized actions with cryptocurrency. These concerned in unlicensed operations face fines and imprisonment of three to 5 years.
The regulation additionally requires digital asset platforms to develop written itemizing procedures. Procedures govern the choice, preliminary sale or distribution, and termination of buying and selling of property.