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Source: Beosin
In recent years, Türkiye has become one of the important roles in the global cryptocurrency market with its huge cryptocurrency transaction volume.According to statistics, Türkiye has become the fourth largest cryptocurrency trading market in the world, which follows the United States, India and Britain.
The keen enthusiasm for cryptocurrencies from the Turks originated from the country’s economic instability and currency depreciation.Facing the continuous weakening of high inflation and lira, more and more Turks regard cryptocurrencies as an important tool for hedging economic risks and value preservation.
*From the end of 2020 to the end of 2023, Turkey’s lira depreciated more than 300% (Picture Source: Kaiko.
August 23,Affected by factors such as high domestic inflation, the exchange rate of the Turkish lira on the US dollar fell below 34 to 1 on the 23rd, a record low.In the Turkish foreign exchange market, Licha’s exchange rate to the US dollar fell to 34.049 to 1 for a while, and since then, it has risen slightly.According to local media reports, Turkish li La’s exchange rate to the US dollar has fallen by about 15.2%since this year.
Although Turkey’s cryptocurrency market is huge, it has lacks a clear regulatory framework for many years, which has caused the country’s cryptocurrency industry to be in a gray area of law.
Although the Central Bank of the Republic of Turkey has issued a ban in 2021 to prohibit the use of cryptocurrencies such as Bitcoin for payment, this measure has not completely regulated the entire market.With the increasing importance to the global supervision of cryptocurrencies, Türkiye has also gradually strengthened the management of the field.
Turkish encryption supervision is bright
The Turkish parliament passed in June this year and took effect in JulyThe “Capital Market Law Amendment” has aroused widespread attention from the encryption industry. The country’s capital market committee (CMB) emphasized that the content has established a preliminary regulatory framework for Turkish crypto asset service providers.Specifically include:
1. CMB is designated as an encrypted industrial supervision unit, which has the right to authorize operations, supervise, sanctions, and take measures.
2. Criminal responsibility for criminal acts such as unauthorized operation, embezzlement of user assets, and fraud.
3. The trading platform needs to establish a monitoring system to identify, prevent, restrict and return market manipulation and security incidents.
At present, even if there is a lack of a comprehensive cryptocurrency supervision system, the current Turkish regulations still have certain regulatory power on the market, including the country’s central banks forbid the use of cryptocurrency payment and the financial criminal investigation committee (MASAK) to collect KYC data to maintain the exchange to maintainRequirements for anti -money laundering measures, etc.
However, the Turkish Treasury Minister Mehmet Simsek also revealed earlier this year that a more comprehensive encryption regulatory bill has reached the final evaluation stage.Clear the source of the law.
Policy interpretation: New revised “Capital Market Law Amendment”
On July 2, 2024, the Turkish government officially adopted the “Capital Market Law Amendment” No. 7518 to set up a clear legal framework for the operation of the encrypted asset service provider (CASPS).This revision marks the Turkish cryptocurrency market that has entered a new era of compliance.
1. Türkiye: The Background of the “Capital Market Law Amendment” introduced
Since 2021, Türkiye has been included in the gray list of FATF due to money laundering risks.In order to get rid of this unfavorable situation and clarify the taxation policy of cryptocurrencies, Türkiye has begun to increase supervision of the field.Today, Turkey has successfully removed from the ash list, and the new regulatory framework has also been introduced, laying the foundation for the standardized development of the cryptocurrency market.
2. New rules of the Capital Marketing Committee (CMB) are introduced
On July 2, 2024, the Turkish Capital Market Committee (CMB) officially announced the “Amendment to the Capital Market Law” No. 7518, incorporating the regulations of the encrypted asset service provider (CASPS) into the legislative scope.This marks that Turkish cryptocurrency supervision has entered a new stage. All cryptococcling asset service providers must obtain CMB permits and comply with the standards set by TUBITAK.In addition, activities related to banks also need to be approved by the Banking Supervision and Supervision Agency (BDDK).These regulations not only strengthen supervision, but also provide guarantee for the healthy development of the encryption asset industry.
3. The establishment of the encryption asset platform
According to the new regulations, the establishment of an encrypted asset platform needs to meet the following conditions:
1. The platform shall be established as a shares, and the minimum payment capital shall be 50 million Turkish lira.
2. All shares should be issued in cash and registered in the case.
3. The founders and managers must comply with the provisions of the capital market law and other relevant laws, and have sufficient economic strength, honesty and trust.
4. The business scope of the encrypted asset platform should be clear, covering activities such as purchase, sales, first distribution, distribution, liquidation, transfer, and hosting.
4. Transition and liquidation of platform operations
The new regulations require that the encrypted asset service provider currently operating in Turkey must be submitted to the CMB for documents within one month, and the company that fails to submit the application must make a liquidation decision within one month.The platform for temporary operation must submit the platform operation permit application before November 8, 2024, otherwise it will face a clear retirement.
During the transition period, a total of 76 exchanges obtained temporary permission to continue operations and needed to comply with the requirements of the new regulations.At the same time, eight exchanges that have failed to meet the conditions were required to be cleared.
5. Strict supervision and punishment measures
New regulations have set up severe punishment measures for individuals and institutions that have not been authorized to engage in crypto asset services.The individual and legal person who violates the regulations will face 3 to 5 years of imprisonment and impose a fine of 5,000 to 10,000 days.The embezzlement of commissioned funds or assets will lead to a more severe punishment, which can be sentenced to up to 14 years of imprisonment and a huge fine.
For criminals involving fraud to cover up the embezzlement, they will face a imprisonment of 14 to 20 years and impose a fine of up to 20,000 days.In addition, individuals who illegally use the resource of crypto asset service providers that have been revoked permits will also face a maximum 22 -year imprisonment and a fine of 20,000 days.
The influence and prospects of the regulatory framework
The “Capital Market Amendment” marks a key step in Türkiye in the field of cryptocurrency supervision.This amendment has set up a clear legal framework for the CASPS, making the operation of the cryptocurrency market more standardized and transparent.
Enhance market trust and stability:By setting up strict regulatory standards, the amendments have introduced higher transparency and sense of responsibility to the cryptocurrency market.This not only helps to increase investors’ trust in the market, but also prevent the occurrence of unfair behaviors, thus laying the foundation for the long -term stability of the market.
Promote compliance and standardized development:The amendment requires an encrypted asset service provider to obtain the CMB permit and abide by strict operating standards.This requirement will promote the standardized development of the industry, eliminate unsatisfactory market participants, and promote more compliance companies to participate in market competition.
Admission and competition of international enterprises:After the amendment was issued, many well -known international exchanges have applied for licenses, showing that the Turkish market is attractive to international enterprises.This trend may exacerbate market competition, while bringing more advanced technology and services, and further promoting the development of the Turkish encryption market.
Increased supervision and integration of the market:The amendment not only set up strict regulatory standards, but also formulated strict penalties for illegal acts.This will help clean up illegal behaviors in the market, promote the market to be healthier, transparent, and attract more regular enterprises to participate.
The potential of market growth:Turkey is the fourth largest cryptocurrency trading country in the world. With the implementation of this amendment, the cryptocurrency market may usher in new growth opportunities.Benefiting from a more clear legal framework, participants in the Turkish market will have the opportunity to develop and expand business in a more stable environment.
The “Capital Market Law Amendment” not only brings new order and norms to the Türkiye’s cryptocurrency market.At the same time, it has laid a solid foundation for its future development.With the participation of more companies and the gradual maturity of the market, the Turkish cryptocurrency market is expected to usher in a new round of prosperity.
