Türkiye has taken a significant step forward in its approach to cryptocurrencies by legalizing them through a new cryptocurrency law. The law, which was approved by Parliament and published in the Official Gazette of the Turkish Republic, not only legalizes digital currencies but also establishes strict supervision and imposes penalties for unauthorized activities.
With the involvement of the Capital Markets Board (SPK), the law introduces comprehensive regulatory standards for cryptocurrencies. According to the law, cryptocurrencies are now classified as “intangible fixed assets” in the Capital Markets Law, providing them with a clear legal definition and enhancing their legitimacy within the Turkish financial ecosystem.
One of the key provisions of the law is the requirement for organizations to obtain permission from the SPK in order to engage in cryptocurrency-related activities. These organizations have a one-month grace period to apply for the necessary licenses, and upon approval, they will be subject to the supervision of the SPK.
To ensure transparency and accountability, the law also mandates digital asset platforms to develop written listing procedures. These procedures will govern the selection, initial sale or distribution, and termination of trading of digital assets.
However, the law also introduces penalties for unauthorized activities involving cryptocurrencies. Those found to be involved in unlicensed operations may face fines and imprisonment for a period of three to five years.
Overall, this new cryptocurrency law signals a significant change in how digital assets are perceived and regulated in Türkiye. It provides a clear legal framework for the use and management of cryptocurrencies, further legitimizing their presence in the country’s financial landscape.