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Reading: CMB Announces New Cryptocurrency Rules, Concerns All Investors
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EdaFace Newsfeed > Latest News > Regulations, Law & Policy > CMB Announces New Cryptocurrency Rules, Concerns All Investors
Regulations, Law & Policy

CMB Announces New Cryptocurrency Rules, Concerns All Investors

vitalclick
Last updated: September 20, 2024 12:35 am
4 months ago
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Türkiye this year enacted a law that includes certain standards for cryptocurrency exchanges and institutions took action. CMB announced comprehensive rules and prohibitions for cryptocurrency exchanges within its jurisdiction. Following the new rules, exchanges serving Turkish citizens must comply with these rules.

CMB Cryptocurrency Rules

The Capital Markets Board (CMB) is the name we often hear for the USA. SECIt is the institution that is the equivalent of for Turkey. Cryptocurrency Many regulations related to stock exchanges are made by this public institution. Today, we can say that the first big step was taken. We can summarize the new rules and prohibitions in articles as follows.

  • Customers’ crypto- and cash assets will be kept separate from platform assets. The seventh paragraph of Article 46 of the Law stipulates that customer cash held in banks should be monitored separately from the platform’s own cash assets in a separate account to be opened for platform customers.
  • Accounts to be opened on behalf of customers are clearly defined as belonging to the relevant platform customers and cannot be used for purposes other than those intended.
  • Payments to customers can only be made through banks and authorized intermediary institutions. Cash cannot be received in person and cash cannot be given to customers in person.
  • It is essential that all orders from customers are received via the platforms’ own websites, mobile applications or authorized personnel of the platform, which they have notified to our Board, via the platforms’ registered phones. Customer orders cannot be received outside of these or through different social media channels (Whatsapp, Telegram etc.). Records regarding orders must be kept securely and accurately.
  • As of November 8, 2024, customers’ order logs, orders received by phone, and voice losses of requests must be stored.
  • NFT‘s will be opened to users with the warning text “The assets traded in this market are outside the listing principles of the Capital Markets Law No. 6362 and are not subject to the supervision and audit of the Capital Markets Board.”
  • P2P Transactions made in the marketplaces in one’s own name but on someone else’s account will be considered unauthorized crypto asset service provider activity. Exchanges must terminate the activities of those conducting this activity by November 8.
  • Promotional campaigns that promise a certain return to customers or direct them to invest in one or more crypto assets, or provide benefits to people who bring customers to the platform or to the customers they bring in, cannot be organized. Campaigns of this nature must end within 15 days.
  • Cryptocurrency stock exchanges must integrate their systems with the Central Registry Agency (MKK).
  • Platforms can sell as much as the crypto assets in the platform wallet in transactions they are a party to with customers. It is the responsibility of the platform to ensure that the parties have sufficient assets in transactions between customers.
  • Platforms cannot make any savings with customer assets, perform leveraged transactions, or provide loans to customers.

Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.

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