The Law Amending the Capital Markets Law No. 7518, published in the Official Gazette on July 2, 2024, established a legal framework for the crypto asset industry in Türkiye. The regulation introduces essential compliance requirements for crypto asset service providers—including provisions on licensing, secure asset custody, financial safeguards, promotional activities, and customer acquisition.
Key Points in the Regulation
Crypto asset service providers are required to obtain a license from the Capital Markets Board of Türkiye (CMB) in order to commence or continue their operations. Those already operating as of the regulation’s effective date must, within one month, notify the Board of their intent to apply for an operating license in compliance with the requirements set out in secondary legislation. Alternatively, they must declare their intention to initiate liquidation within three months—ensuring the protection of customer rights and interests—and must refrain from acquiring new customers during the process.
Under the law, crypto asset service providers must meet a designated capital requirement to continue their operations, with the Board holding the authority to determine this amount.
The law also sets out the procedures and principles that crypto asset service providers must follow in promotional activities and customer acquisition, along with the required information security measures and audits pertaining to these areas.
Under the regulation, crypto asset service providers are obligated to implement necessary measures to prevent money laundering and the financing of terrorism. This issue is expected to be further detailed through secondary legislation to be issued by the Financial Crimes Investigation Board (MASAK) of Türkiye.
The new crypto asset regulation grants significant powers to the Scientific and Technological Research Council of Türkiye (TÜBİTAK) and the CMB. These include providing technical consultancy on matters related to crypto assets and blockchain technology; compiling information and reports on the technical infrastructure and functioning of crypto assets; assessing the technical qualifications of crypto asset service providers applying for licenses; participating in audits alongside technical experts; and conducting research and development activities in the fields of crypto assets and blockchain technology. With these powers, TÜBİTAK is expected to play a key role in advancing and shaping the maturation of the crypto asset industry.
Assessment of the Regulation
The new regulation addresses a significant legal gap in Türkiye’s crypto asset industry. The regulation is expected to bring significant benefits to the industry by establishing a framework for the operations of crypto asset service providers, enhancing trust and transparency, taking important steps to protect crypto asset investors, contributing to a more stable functioning of the crypto asset market, and fostering an environment of effective competition within the industry.
The regulation does not explicitly define the nature or classification of crypto assets, leaving these details to be clarified in forthcoming secondary legislation.
The future direction and pace of the industry’s development will largely depend on the content of this secondary legislation—particularly the resolutions to be issued by the CMB. Positive opinions, particularly regarding the tokenization of real-world assets and capital market instruments, could position the industry in such a way as to allow it to surpass global standards.
The regulation also demonstrates a clear commitment to combating money laundering. The requirement that partners and managers of crypto asset service providers have no criminal record related to money laundering or terrorist financing is expected to further enhance public trust and user confidence across the industry.
In conclusion, the new regulation represents a major milestone for Türkiye’s crypto asset industry. Its anticipated benefits to the sector are expected to outweigh any initial limitations. As the regulation is further expanded through secondary legislation, its impact on the industry’s growth and direction will be closely monitored in the coming period.
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