The bill on crypto assets was adopted by the General Assembly of the Parliament.
With the new bill, crypto assets will now be officially defined as “intangible assets” and those wishing to operate in this field will need to obtain permission from the Capital Markets Board. Serious penalties are envisaged for those who operate without authorization; real persons and legal entities will be imprisoned for three to five years and a judicial fine of 5,000 to 10,000 days.
With the law, all transfer transactions on crypto asset platforms will be recorded and supervised by the Financial Crimes Investigation Board. Platforms will have to establish surveillance systems to prevent market-distorting transactions.
In addition, executives and members of cryptoasset service providers will face severe penalties if they commit embezzlement offenses; chairmen and members of the board of directors and other members may face imprisonment between 8 and 14 years and a judicial fine of up to 5,000 days.
When the regulation comes into force, it is expected to have a revenue impact of approximately 100 million liras, but it is not expected to impose an additional financial burden on the budget. Between 10 and 20 crypto asset platforms are expected to be authorized and between 5 and 10 banks are expected to obtain custody licenses.
