Turkiye: Introduced Bill on Amendments to the Capital Markets Law

On 16 May 2024, the Bill on Amendments to the Capital Markets Law was introduced into the Grand National Assembly. The Bill would establish a licensing and registration requirement for crypto asset service providers, including digital payment providers and platform intermediaries. The Bill mandates that these entities obtain licenses from Turkey's Capital Markets Board (CMB) to operate in the country. Furthermore, the Bill aims to enhance consumer protection, ensure platform transparency, and align operations with financial regulations. Additionally, the Bill aims to address the classification of cryptocurrencies and projects, gives CMB oversight power over compliance, asset protection and dispute resolution, and establish a ban on foreign crypto brokers to promote a locally regulated ecosystem.