Turkey has recently enacted the Law on Amendments to the Capital Markets Law, introducing regulations concerning crypto assets. This legislation, which has undergone thorough examination, has been officially published in the Official Gazette and has become effective. The new law encompasses provisions that pertain to cryptocurrencies, crypto service providers, and safeguards to shield customers from potential risks.

One of the key aspects of this law is the inclusion of definitions such as "crypto asset," "wallet," "crypto asset service provider," and "platform." Cryptocurrency exchanges are now mandated to acquire a license from the Capital Markets Board (CMB) to offer their services. Existing exchanges have a one-month window to apply for the required license from the CMB.

The CMB will oversee exchanges that operate without proper authorization. Engaging in unauthorized crypto asset activities has been deemed a criminal offense under the Turkish Penal Code, carrying a penalty of imprisonment ranging from 3 to 5 years and a judicial fine from five thousand to ten thousand days.

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