The Crypto Assets Law and the CMB’s Related Announcement
The Law Amending the Capital Markets Law (Crypto Assets Law) entered into force after being published in the Official Gazette dated 02.07.2024. The Crypto Assets Law amended the Capital Markets Law (CML) dated 06.12.2012 and numbered 6362 and included provisions on crypto assets within the scope of the CML.
With the enactment of the Crypto Assets Law, the amendments envisaged to be made within the scope of the Draft Law on the amendment of the CML (Draft Crypto Assets Law) entered into force. You may reach our Legal Alert dated 24.05.2024 on the Draft Crypto Assets Law here.
In addition to the Draft Crypto Assets Law, within the scope of the Crypto Assets Law, it was regulated that crypto assets held by banks and cash belonging to the customers of platforms that are crypto asset service providers are not subject to the provisions on the insurance of deposits and participation funds under Article 63 of the Banking Law No. 5411.
In addition, the Capital Markets Board (CMB) also published an announcement regarding the Crypto Assets Law on 02.07.2024. According to the announcement;
- With the new regulation, all kinds of platforms where one or more of the activities of trading, clearing, transfer and custody services required by the trading, clearing, transfer and custody of crypto assets and the storage and management of crypto assets or private keys that provide the right to transfer from the wallet related to these assets are carried out as a regular occupation, commercial or professional activity are included within the scope of the CML. Legal proceedings shall be initiated on those who do not fulfill their obligations under the CML.
- Two different situations are envisaged for institutions that are currently carrying out crypto asset service provider activities: until 02.08.2024 (i) institutions that wish to continue their activities must submit to the CMB in writing their declarations and the information form and documents published by the CMB; (ii) institutions that will not continue their activities must submit to the CMB in writing their declarations that they shall take a liquidation decision until 02.10.2024 and that they shall not accept new customers during the liquidation process, and the information form and documents published by the CMB.
- The relevant institutions shall be announced on the CMB’s website under the heading “Institutions/Crypto Asset Service Providers” in two separate lists, namely “List of Operating Institutions” and “List of Liquidation Declarants”. Any institution not included in the lists shall not be able to carry out activities related to crypto assets without permission from the CMB.
- Institutions wishing to commence operations are required to submit the necessary documents and declarations to the CMB in writing before commencing operations.
- Platforms based abroad are obliged to terminate their activities for residents in Türkiye until 02.10.2024 at the latest, and the institutions that continue their activities after this date shall be subject to the proceedings. In this context, platforms based abroad shall be required to establish a company in Türkiye and obtain an operating license.
- The activities of ATMs and similar electronic transaction devices located in Türkiye that allow customers to convert crypto assets into cash or cash into crypto assets and to transfer crypto assets must be terminated until 02.10.2024 at the latest. The proceeding shall be initiated against institutions that do not terminate their activities until this date.
You may access the Crypto Assets Law and the related CMB announcement in Turkish via the links below:
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