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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