New regulations regarding the cryptocurrency market, which has become an important investment tool in recent years, have been approved at the National Assembly.
The regulation addressed a legal gap that had been the source of complaints.
The CMB was given broad powers
The new law introduced capital requirements for service providers, thus protecting both investors and imposing a set of sanctions on service providers. The law also regulated how to establish relationships with cryptocurrency users and how to identify them.
According to the regulations, permission for the organization and activities of a service provider is obtained from the Capital Markets Commission.
CMB is also authorized to issue, sell and distribute crypto assets. All remittance transactions are recorded.
12 million people have accounts
12 million people have balance accounts in the capital markets.
Platforms that meet the conditions set out in the law will be licensed, and banks will also be required to obtain custody licenses.
Strict control of the cryptocurrency market
The regulations also establish penalties for market fraud, market distortion and misuse of information.
Market vandalism carries an administrative fine ranging from 246,000 to 6 million liras.
