The Capital Markets Board (CMB) has announced a significant set of regulations in the cryptocurrency space. These regulations entered into force with the amendments made to the Capital Markets Law No. 7518.
Basic Regulations and Principles
According to the CMB's announcement, the following principles were introduced in order to eliminate various application differences encountered in the activities of crypto asset platforms and to protect investors: 1. Obligation to Keep Customer Cash in Banks: Customer cash must be kept separate from the platform's own assets and stored in banks. 2. Receiving Customer Orders: Crypto asset platforms can only receive customer orders through their own websites, mobile applications or registered phones. 3. Restrictions on Crypto-Asset Trading: Platforms trading in crypto-assets must cease their activities by November 08, 2024.
Exceptions and Restrictions
NFT and Gaming Assets Exception: Non-fungible and unique crypto assets (NFT) and assets used only in virtual games are excluded from the listing rules.
Obligations and Responsibilities
Transparency of Platforms and Investor Information Obligations: Platforms must inform customers whether the traded assets are subject to CMB supervision and audit. Platforms must comply with MKK integration rules and fulfill the requirements for crypto-asset custody by November 08, 2024.
These new regulations aim to create a safer and more transparent environment for investors and participants in the cryptocurrency market.
Comments