Crypto Asset Regulations Came Into Force

The need for legal regulation regarding crypto assets has been discussed for a considerable time. With the amendments made by Law no. 7518 (the "Law") introduced to the Law on Capital Markets no. 6362, published in the Official Gazette numbered 32590 dated July 2, 2024, a comprehensive legal basis for crypto assets has been established within the Turkish legal framework for the first time. The Law has authorized the Capital Markets Board (the "Board") for drafting secondary regulations in various aspects. Accordingly, the Board has taken some principle decisions following the entry date of the Law, which has clarified and substantiated the scope of the legal framework outlined by the Law.