Cryptocurrencies in Turkey have achieved a major legal status with the publication of the cryptocurrency law in the Official Gazette. The new regulation defines cryptocurrencies as “intangible fixed assets,” marking a significant change in the legal framework. It also introduces the requirement to obtain permission from the Capital Markets Board (SPK) and imposes severe penalties for unauthorized crypto activities.
The regulation on cryptocurrencies defines them as “intangible fixed assets” through amendments to the Capital Markets Law, providing a legal definition and regulation for cryptocurrencies. This new classification offers a more structured and enforceable approach for cryptocurrencies and Blockchain-based financial instruments. The law aims to reduce uncertainties in the sector and increase investor confidence by implementing stricter oversight of platforms facilitating cryptocurrency trading.
One of the most notable aspects of the new law is the requirement for organizations operating in the cryptocurrency field to obtain permission from the Capital Markets Board (SPK). These organizations will be placed under regulatory supervision and given a one-month period to apply for the necessary licenses. This measure aims to increase transparency and security in the historically regulation-prone and risky cryptocurrency market.
The regulation also imposes strict penalties on individuals engaged in unauthorized cryptocurrency activities, including judicial fines and imprisonment. Additionally, all transactions conducted on cryptocurrency exchanges will be meticulously recorded to prevent fraud and other illegal activities, increasing transparency and security in the crypto market.
Platforms dealing with cryptocurrencies are now required to develop a written listing procedure that regulates the selection, initial sale or distribution, and termination of trading of assets. The Capital Markets Board (SPK) will regulate the principles and standards to be applied to these procedures, further solidifying the framework within which these platforms operate.
The implementation of this regulation represents a critical step towards integrating cryptocurrencies into the broader financial regulatory environment. Authorities aim to promote a safer and more reliable cryptocurrency market by defining clear rules and establishing strict enforcement mechanisms. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.