Details of AK Party’s Bitcoin and Crypto Asset Bill Have Been Revealed!

An important stage has been reached in cryptocurrency studies in Turkey and AK Party Group Chairman Abdullah Güler announced the details of the “Proposal on Amendments to the Capital Markets Law” at the press conference he held in the Turkish Grand National Assembly.

Güler stated that the announced draft law first includes the definition of concepts such as wallet, crypto asset service provider and platform in the crypto asset ecosystem.

Abdullah Güler made the following statements:

“Cryptocurrency exchanges will start providing services by obtaining a license from the CMB.

The sale and distribution of crypto assets will be determined by the CMB. A preliminary report will be received from TÜBİTAK for crypto asset issuance.

Providing crypto investment consultancy will be regulated by the CMB.

CMB will monitor exchanges operating without permission.

Customer assets cannot be seized due to the debts of cryptocurrency exchanges.

Providing crypto asset services without permission will be considered a crime under the Turkish Penal Code and the penalty will be imprisonment from 3 to 5 years.

There will be a transition period for institutions currently operating. “Those operating will apply to the board within 1 month or take a decision on liquidation within 3 months.”

The news will be updated.

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