Turkish Parliament adopts new crypto assets regulation bill
The long-awaited bill including regulations regarding cryptocurrencies was accepted by the Turkish Parliament on Wednesday and became law.
According to the bill, crypto asset service providers must obtain permission from the Capital Markets Board (SPK) before establishment and operation. While the authority to regulate the ecosystem is given to the Capital Markets Board, the criteria determined by the Scientific and Technological Research Council of Türkiye (TÜBITAK) will be applied in matters concerning information systems and technological infrastructure.
With the law, definitions regarding crypto assets such as "crypto asset," "crypto asset service provider" and "wallet," are added to the Capital Markets Law.
One of the main focuses of the first regulations was the licensing processes of platforms providing services in the country. Accordingly, it will be mandatory for platforms to obtain permission from the SPK to be established and start operating.
The SPK can take regulatory actions, make decisions of both specific and general nature, and apply measures and sanctions. Meanwhile, the financial audit and information systems independent audit of crypto asset service providers will be carried out by independent audit firms on the list announced by the SPK, Anadolu Agency (AA) reported.
