Turkish Grand National Assembly, on Tuesday, June 25 Discussions in the General Meeting will start. The General Assembly will discuss the bill to amend the Capital Markets Act. According to this proposal, crypto asset service providers must be established and activated. From the Capital Markets Board (CMB) They will have to get permission.

Without CMB permission Officials of real and legal entities operating as crypto asset service providers will be sentenced to a prison term of three to five years and a judicial fine of 5,000 to 10,000 days.

Severe punishment for embezzlement

With the new regulation embezzlement crime Chairman of the board of directors, members and other members of operating cryptocurrency asset service providers will be punished with imprisonment between 8 and 14 years and a judicial fine of up to 5,000 days. So the idea is to prevent such crimes.

Platforms also report that each year all their income, except the interest income from the previous year, 1 percent by CMB and 1 percent by TÜBİTAK It is paid to the budget and recorded as relevant income. Crypto asset service providers will submit the necessary applications to obtain an operating license within one month of the effective date. Or they declare that they will make a liquidation decision within three months without harming the rights and interests of customers.

Providers of crypto asset services abroad can stop their activities towards persons residing in Turkey from the date of entry into force of the law. They will complete it in three months.