Türkiye Legalizes Cryptocurrencies: New Law and Its Impact
Date: 2024-07-03 Author: Oliver Abernathy Categories: IN WORLD
Türkiye has made a historic decision to legalize cryptocurrencies. The new law, approved by Parliament and published in the Official Gazette of the Turkish Republic, not only legalizes digital currencies, but also imposes strict supervision and penalties for unauthorized activities in this area.
The new cryptocurrency law represents a significant shift in the approach to digital assets in Turkey. The law was developed with the participation of the Capital Markets Council (SPK) and introduces comprehensive regulatory standards. For the first time in the country's history, cryptocurrencies are classified as "intangible fixed assets" under the Capital Markets Law. This clear legal definition greatly increases the legitimacy of cryptocurrencies in the Turkish financial ecosystem.
Licensing and Supervision Process
One of the key features of the new law is the requirement for organizations working with cryptocurrencies to obtain permission from the SPK. Organizations are given a period of one month to apply for the necessary licenses. Thereafter, they will be subject to strict supervision by the SPK. This provision aims to create a secure and transparent environment for cryptocurrency transactions in the country.
The law also imposes severe penalties for unauthorized cryptocurrency activities. Those involved in unlicensed operations may be subject to fines and imprisonment of three to five years. This aspect of the law emphasizes the seriousness of the Turkish government's intentions to regulate the cryptocurrency market and protect investors.
Listing Procedures
In addition to licensing requirements, the new regulation requires digital asset platforms to develop and implement written listing procedures. These procedures govern the selection of cryptoassets for trading, their initial sale or distribution, and the cessation of trading in those assets. This approach helps streamline operations on cryptocurrency exchanges and increases the confidence of market participants.
The adoption of a new cryptocurrency law in Turkey marks an important step in the integration of digital assets into the country's formal financial system. The introduction of strict regulatory standards and oversight will provide a safe environment for the development of the cryptocurrency market. The new law not only legalizes cryptocurrencies, but also creates conditions for their stable growth and development in Turkey.
