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Kinstellar and KST Law advise Eleven Fund III Cooperatief on its investment in Magfi, Turkey
Kinstellar and KST Law are delighted to have advised Eleven Fund III Cooperatief, a multi-strategy growth fund, on its US$1.1 million in seed investment in Magfi, a SaaS platform based in Istanbul. Magfi enables seamless advertising across Telegram and Discord communities using machine learning and AI. The investment will support Magfi's planned expansion into the Brazilian market. Kinstellar operates in Turkey in cooperation with KST LAW, a full-service corporate law firm based in Istanbul.
Turkey's Crypto Law now in effect: Key updates and compliance requirements
On 2 July 2024, Turkey enacted new provisions to its Capital Markets Law to regulate crypto assets (“Crypto Law”). These provisions, published in the Official Gazette, grant the Capital Markets Board of Turkey ("CMB") the authority to supervise crypto asset service providers ("Service Providers"). What do the new provisions cover? The primary focus of the Crypto Law is to regulate the following key areas: defining the core concepts, such as crypto assets, wallets, platforms and Service Providers; outlining the obligations and principles for Service Providers; defining the rules for transactions conducted with customers; establishing principles for the transfer and storage of
Quick Read: Data Protection Law Updates in Turkey – June 2024
Overall: Agenda of the DPA in June The agenda of the Turkish Data Protection Authority (“DPA”) was relatively quiet in June. However, preparations are underway for upcoming regulations and standard contractual clauses related to cross-border data flows. A significant change is approaching for data processing activities involving cross-border data transfers based on explicit consent. From 1 September 2024, data controllers will no longer be allowed to continuously transfer personal data abroad solely relying on explicit consent. The new process for the transfer of personal data abroad requires a three-step assessment, where data controllers must review their international data transfer activities, including the recipients
Daily administrative fines on Google ceased
On 10 June 2024, the Turkish Competition Authority (the “Authority”) announced its latest decision on Google. With this decision, the Authority has imposed a total administrative fine on Google of TRY 482 million (approximately USD 14.9 million). Background In 2021, the Authority fined Google TRY 296 million (approximately USD 9.2 million) due to the company’s violation of Turkish Competition Law in the “local search services” market. The violations included: giving its own local search (Local Unit) and accommodation price comparison (Google Hotel Ads-GHA) services an advantage over its competitors in terms of position and display on the general search results page; preventing competitor
Quick Read: Data Protection Law Updates in Turkey – May 2024
In May, the Turkish Data Protection Authority (“DPA”) shared two draft regulations, approved two applications for cross-border data transferring, and announced 13 data breach notifications. Reminder: Bells ring for compliance with new scope of DP Law Amendments to the Turkish Personal Data Protection Law (“DP Law”) came into force as of 1 June 2024. Data controllers are now obliged to comply with the new scope of provisions. You can learn what will change from our information note here. Dive into May updates Draft regulation on cross border personal data transferring is published With the amendments to the DP Law, the rules relating to the transfer of personal data abroad have changed.