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

With the regulation on cryptocurrencies, crypto assets have been defined for the first time as intangible assets.

SPK approval will be required

The term "cryptocurrency service provider" platforms include organizations that provide storage services for cryptocurrencies and organizations that provide services related to cryptocurrency assets, including the initial sale or distribution of cryptocurrencies.

For the establishment and operation of crypto asset service providers, the approval of the Capital Markets Board will be required. The CMB will also decide on the principles related to their establishment and activities, as well as their partners, managers, personnel, organization, capital and capital adequacy, obligations, information systems and technological infrastructure, and share transfers.

Service providers will be required to comply with TÜBİTAK's specified criteria in information systems and technological infrastructure matters.

Those operating without permission will be subject to imprisonment for three to five years and a fine of 5,000 to 10,000 days. All transfers made on the platforms will be recorded.

Listing procedure will be created

The CMB has been given the authority to regulate the procedures and principles regarding the buying and selling of cryptocurrencies through platforms, the first sale or distribution, exchange, transfer, and storage.

A written listing procedure will be created for the determination of cryptocurrencies to be traded on the platforms or to be initially sold or distributed, and for the termination of their trading.

The Board will determine the principles for the sale or distribution of cryptocurrencies that cannot be separated from distributed ledger technology or a similar technology, without being subject to the provisions regarding market instruments, in platforms, except for cryptocurrencies that grant specific rights to capital market instruments.

For the determination of cryptocurrencies that will be subject to these principles, a technical report can be requested from TÜBİTAK or institutions and organizations affiliated with ministries and other public institutions.