Foreign cryptocurrency platforms serving users in Turkey must obtain an operating permit from the Capital Markets Board (SPK). The permit period for foreign cryptocurrency platforms will expire on October 2. So far, 80 institutions have applied to the SPK. Institutions that do not apply will have to terminate some of their services as of this date.
With the law in question, the authority to regulate crypto markets was given to the CMB, while platforms that will provide services in this area must also obtain an operating permit from the board.
With the regulation, foreign cryptocurrency platforms providing services to residents in Turkey are granted a 3-month transition period for their activities here, and this period in question will expire on October 2.
Aksoy stated that if platforms located abroad create a Turkish website or engage in promotional and marketing activities, this would be considered as an acceptance that they are operating for users in the country, and continued as follows:
“After the said date, those who continue to operate for people resident in Turkey will be subject to sanctions included in the provisions of the law regarding unauthorized provision of crypto asset services.”
Aksoy stated that a crypto currency exchange based abroad sent an e-mail to its users, informing them that it would terminate the use of the platform in Turkish and completely stop all marketing activities for Turkish users, and said, “In this context, it may be possible for crypto asset service providers located abroad to continue to remain in the market by withdrawing from the country for people resident in Turkey, which is prohibited by law, although they do not actually withdraw from the market.” he said.
Aksoy, stating that there is a trend towards very concrete and detailed, strict principle decisions with the regulations, made the following assessment:
“The workload of the CMB and TÜBİTAK has increased significantly within the scope of the regulation. While they are fulfilling the duties foreseen in the law amendment on the one hand, they are trying to create new legislation on the subject on the other hand. At this point, it is important to employ experts in the fields of law, technology and finance who know the sector well.”
