According to Bitpush News, as reported by turkiyetoday, the Turkish Parliament has passed the “Capital Market Law Amendment,” introducing new regulations concerning cryptocurrency assets. The main contents include:
1. The Capital Markets Board (SPK) now has the authority to oversee cryptocurrency transactions and “take measures and sanctions,” such as freezing and confiscating funds. Platforms must establish written listing procedures to determine which crypto assets will be traded or offered and distributed for the first time, complying with SPK’s principles and regulations.
2. Individuals and legal entities operating unauthorized crypto asset services will face imprisonment of 3 to 5 years; service providers misappropriating entrusted funds or assets, including crypto assets, will face 8 to 14 years of imprisonment and compensate for the losses; if the crime involves deceptive acts to conceal embezzlement of public funds, the criminals will face 14 to 20 years of imprisonment; individuals found illegally using resources of a revoked crypto asset service provider for personal or third-party benefits will face 12 to 22 years of imprisonment.
3. Platform prices will be freely determined, and a monitoring system must be established with all preventive measures to detect, prevent, and avoid market-disrupting behaviors; platforms should identify, report market-disrupting behaviors and transactions, take necessary measures such as restrictions, suspensions, account closures, and report to the SPK.
4. The SPK will develop regulations related to investment advice and portfolio management concerning crypto assets and issue authorization certificates to crypto asset service providers to conduct their activities. Banks will need approval from the Banking Regulation and Supervision Agency (BDDK).
Tags: Cryptocurrency, Turkey
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