Secondary arrangements for crypto assets regulations in the official gazette last night. In July 2024, after the Turkish Grand National Assembly regulations, crypto currency exchange (as well as crypto assets in both law and communication) faces new rules in the most expected secondary rules.
In published communication, the minimum establishment of crypto asset providers was determined as 150 million TL and 500 million TL for crypto asset storage companies.
According to the rules published in the Official Gazette, the platform will not be able to store the customer cash directly. Customer funds will only be kept in the accounts opened before the banks and these accounts will be monitored separately from their platform accounts.
Committee will be set up for listing
In the scope of the new rules and regulations, the Crypto asset providers will have to perform the listing process according to specific principles. In this regard, each platform was necessary to set up a listing committee consisting of at least three people. Members of the committee should have at least seven years of experience in sectors such as finance, law, information security, information technology and distributed book technologies.
The criteria for crypto assets list are these:
- The fact is that no government authority regarding the export or purchase and sale of the base is prohibited or limited.
- The fact is that it is not in the structure that makes the wallet’s leaves possible.
- It can be stored in a cold wallet.
- The fact is that the owners of the project are not involved in illegal activities, such as laundering assets obtained from crime or financing terrorism is not included in national or international banned lists.
The ban on beneficial transactions became clear
According to the amendments to the law of the capital markets, foreign crypto assets providers who do not have a physical office in Turkey offer Turkish -language assistance and are promoted. The beneficial transactions, where investors were shown in Turkish, were also indirectly banned.
With the newly published communication, this prohibition was made clear: “Crypto assets listed on the platform cannot be sold by buying lengths. Similarly, it cannot be subject to derivative vehicle contracts and credit transactions.
Forbidden for misleading ads
In the field of communication, the principles of crypto asset providers were also announced in their advertisements. Some of these rules are as follows:
- Feedback will not be used that consumers will not harm or do harm in any way.
- Targeting some professional groups or different sections of society (university students, domestic women, etc.) will not be claimed that additional income will be provided.
On the other hand, crypto assets providers were obliged to audit free every year. Audit reports should be submitted to the Board of Directors of the concerned agencies after the Chief Auditor is approved and submitted to the board within a specific period.
This article does not include investment advice or advice. Every investment and trade movement involves a threat and readers should do their own research when making decisions.
