The bill containing regulations on crypto assets has been approved in the Grand National Assembly of Turkey (TBMM).
Questions and answers about the bill on crypto assets.
IN WHICH LAW WILL THE LEGAL INFRASTRUCTURE FOR CRYPTO ASSETS BE CREATED?
Regulations on crypto assets will be included in the Capital Markets Law. With the bill, definitions regarding crypto assets will be added to this law.
The bill was discussed today. After the commission process, the bill will be discussed in the TBMM General Assembly. If approved in the General Assembly, the bill will become law and will be published in the Official Gazette and come into effect.
HOW WILL CRYPTO ASSET SERVICE PROVIDERS OPERATE?
Crypto asset service providers will be required to obtain permission from the Capital Markets Board (SPK) in order to establish and start their activities. In addition, compliance with the criteria determined by TUBITAK in terms of information systems and technological infrastructure will be required for the establishment and operation of crypto asset service providers, and the principles and procedures regarding investment advisory and portfolio management for crypto assets will be determined by the SPK.
PRICES WILL BE HOW?
Prices on platforms will be determined freely. Platforms will determine the principles and procedures for orders and transactions in order to ensure that transactions are carried out reliably, transparently, efficiently, stably, fairly, honestly, and competitively, detect and prevent actions and transactions that disrupt the market, establish the necessary surveillance system within their structures, and take all necessary preventive measures.
WHAT PRINCIPLES WILL BE REQUIRED FOR RECORDS RELATED TO WALLETS AND FUNDS?
Records regarding customer transfers of crypto assets to wallets and customer transfers of funds to accounts will be kept securely, accessible, and traceable by crypto asset service providers. The integrity, accuracy, and confidentiality of all transaction records will be ensured. In customer transfers of crypto assets, compliance with the regulations made by the SPK and the Financial Crimes Investigation Board will be required.
WHAT WILL BE THE REGULATIONS REGARDING CUSTOMERS' CRYPTO ASSETS AND CASH?
It will be essential for customers' crypto assets to be kept in their own wallets. If customers do not prefer to keep crypto assets that they do not want to keep in their own wallets, custody services related to these crypto assets will be provided by banks authorized by the Board in accordance with the regulation to be made by the Board and approved by the Banking Regulation and Supervision Agency (BDDK), and customers' cash will be required to be kept in banks.
WHO WILL BE RESPONSIBLE FOR FAILURE TO FULFILL OBLIGATIONS?
Crypto asset service providers will be responsible for damages arising from their illegal activities and failure to fulfill cash payment or crypto asset delivery obligations. Crypto asset service providers will be responsible for crypto asset losses arising from acts such as the operation of information systems, all kinds of cyber attacks, and any behavior of the personnel, within the scope of the relevant provision of the Turkish Code of Obligations.
CAN CRYPTO ASSETS BE SEIZED?
Cash and crypto assets of customers cannot be seized, pledged, included in the bankruptcy estate, or subject to precautionary measures, even if they are for public receivables due to the debts of crypto asset service providers, and the assets of crypto asset service providers cannot be seized, pledged, included in the bankruptcy estate, or subject to precautionary measures, even if they are for the debts of customers.
Measures, seizures, and similar administrative and judicial requests regarding cash and crypto assets of customers will be fulfilled by crypto asset service providers. In case of seizure of cash and crypto assets of customers by judicial authorities, all necessary procedures for the custody of seized assets will be carried out by the judicial authorities in wallets created by authorized custody service providers established by the Board.
WHAT PENALTIES WILL BE IMPOSED FOR UNAUTHORIZED CRYPTO ASSET SERVICE PROVIDER ACTIVITIES?
Individuals and legal entities whose officials are determined to be conducting activities as crypto asset service providers without obtaining permission will be sentenced to imprisonment from 3 to 5 years and a judicial fine from 5,000 to 10,000 days. The board of directors and members of the crypto asset service provider who misappropriate money or money-substituting documents or securities, other goods, or crypto assets entrusted to them or for which they are responsible for protection, custody, and supervision due to their duties as crypto asset service providers will be sentenced to imprisonment from 8 to 14 years and a judicial fine from 5,000 days. They will also be liable to compensate for the damages caused to the crypto asset service provider.
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Questions and answers about the bill on crypto assets.
IN WHICH LAW WILL THE LEGAL INFRASTRUCTURE FOR CRYPTO ASSETS BE CREATED?
Regulations on crypto assets will be included in the Capital Markets Law. With the bill, definitions regarding crypto assets will be added to this law.
The bill was discussed today. After the commission process, the bill will be discussed in the TBMM General Assembly. If approved in the General Assembly, the bill will become law and will be published in the Official Gazette and come into effect.
HOW WILL CRYPTO ASSET SERVICE PROVIDERS OPERATE?
Crypto asset service providers will be required to obtain permission from the Capital Markets Board (SPK) in order to establish and start their activities. In addition, compliance with the criteria determined by TUBITAK in terms of information systems and technological infrastructure will be required for the establishment and operation of crypto asset service providers, and the principles and procedures regarding investment advisory and portfolio management for crypto assets will be determined by the SPK.
PRICES WILL BE HOW?
Prices on platforms will be determined freely. Platforms will determine the principles and procedures for orders and transactions in order to ensure that transactions are carried out reliably, transparently, efficiently, stably, fairly, honestly, and competitively, detect and prevent actions and transactions that disrupt the market, establish the necessary surveillance system within their structures, and take all necessary preventive measures.
WHAT PRINCIPLES WILL BE REQUIRED FOR RECORDS RELATED TO WALLETS AND FUNDS?
Records regarding customer transfers of crypto assets to wallets and customer transfers of funds to accounts will be kept securely, accessible, and traceable by crypto asset service providers. The integrity, accuracy, and confidentiality of all transaction records will be ensured. In customer transfers of crypto assets, compliance with the regulations made by the SPK and the Financial Crimes Investigation Board will be required.
WHAT WILL BE THE REGULATIONS REGARDING CUSTOMERS' CRYPTO ASSETS AND CASH?
It will be essential for customers' crypto assets to be kept in their own wallets. If customers do not prefer to keep crypto assets that they do not want to keep in their own wallets, custody services related to these crypto assets will be provided by banks authorized by the Board in accordance with the regulation to be made by the Board and approved by the Banking Regulation and Supervision Agency (BDDK), and customers' cash will be required to be kept in banks.
WHO WILL BE RESPONSIBLE FOR FAILURE TO FULFILL OBLIGATIONS?
Crypto asset service providers will be responsible for damages arising from their illegal activities and failure to fulfill cash payment or crypto asset delivery obligations. Crypto asset service providers will be responsible for crypto asset losses arising from acts such as the operation of information systems, all kinds of cyber attacks, and any behavior of the personnel, within the scope of the relevant provision of the Turkish Code of Obligations.
CAN CRYPTO ASSETS BE SEIZED?
Cash and crypto assets of customers cannot be seized, pledged, included in the bankruptcy estate, or subject to precautionary measures, even if they are for public receivables due to the debts of crypto asset service providers, and the assets of crypto asset service providers cannot be seized, pledged, included in the bankruptcy estate, or subject to precautionary measures, even if they are for the debts of customers.
Measures, seizures, and similar administrative and judicial requests regarding cash and crypto assets of customers will be fulfilled by crypto asset service providers. In case of seizure of cash and crypto assets of customers by judicial authorities, all necessary procedures for the custody of seized assets will be carried out by the judicial authorities in wallets created by authorized custody service providers established by the Board.
WHAT PENALTIES WILL BE IMPOSED FOR UNAUTHORIZED CRYPTO ASSET SERVICE PROVIDER ACTIVITIES?
Individuals and legal entities whose officials are determined to be conducting activities as crypto asset service providers without obtaining permission will be sentenced to imprisonment from 3 to 5 years and a judicial fine from 5,000 to 10,000 days. The board of directors and members of the crypto asset service provider who misappropriate money or money-substituting documents or securities, other goods, or crypto assets entrusted to them or for which they are responsible for protection, custody, and supervision due to their duties as crypto asset service providers will be sentenced to imprisonment from 8 to 14 years and a judicial fine from 5,000 days. They will also be liable to compensate for the damages caused to the crypto asset service provider.
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