Regulation
Cryptocurrencies granted legal status in Turkey under new crypto law
- Turkey legalizes cryptocurrencies, defining them as “intangible fixed assets.”
- SPK permission required for crypto organizations, with strict regulatory oversight.
- Severe penalties for unauthorized activities, enhancing market security and compliance.
In a landmark move, Turkey has granted legal status to cryptocurrencies, redefining them as “intangible fixed assets” through a new regulation.
The new law, which has been published in the Official Gazette after approval by the parliament, not only legitimizes digital currencies but also introduces stringent oversight and penalties for unauthorized activities.
By mandating permissions from the Capital Markets Board (SPK) and implementing comprehensive regulatory standards, Turkey aims to increase transparency, security, and investor confidence in its cryptocurrency market.
Turkey’s new legal framework for cryptocurrencies
The new cryptocurrency law in Turkey marks a significant shift in how digital assets are perceived and managed in the country.
By classifying cryptocurrencies as “intangible fixed assets” within the Capital Markets Law, the country has laid the foundation for a more structured and enforceable approach to regulating these financial instruments. This classification offers a clear legal definition, thereby reducing ambiguities and enhancing the legitimacy of cryptocurrencies in Turkey’s financial ecosystem.
One of the most notable features of this regulation is the requirement for organizations operating in the cryptocurrency sector to obtain permission from the SPK. These entities are given a one-month window to apply for the necessary licenses, after which they will be under the regulatory supervision of the SPK.
This move is designed to mitigate the risks traditionally associated with the cryptocurrency market, promoting a safer and more reliable environment for investors.
The new law enhances market security and compliance
The new law introduces severe penalties for unauthorized cryptocurrency activities. Individuals involved in unlicensed transactions could face judicial fines calculated between 5,000 and 10,000 days and imprisonment ranging from three to five years.
This strict enforcement strategy aims to deter illegal activities and ensure compliance with the regulatory framework, thus fostering a more secure market.
Additionally, the regulation mandates meticulous record-keeping of all transactions conducted on cryptocurrency exchanges. This requirement is expected to create a clear audit trail, which will help in preventing fraud and other illicit activities.
By enhancing transparency, these measures aim to build investor trust and confidence in the cryptocurrency sector.
Structured listing procedures and standards
To further streamline the cryptocurrency market, the regulation requires platforms dealing with digital assets to develop written listing procedures.
These procedures will govern the selection, initial sale or distribution, and termination of trading of assets. The SPK will regulate the principles and standards applied to these procedures, ensuring a consistent and reliable framework for cryptocurrency trading platforms.
The introduction of these comprehensive measures signifies Turkey’s commitment to integrating cryptocurrencies into its broader financial regulatory environment.
By defining clear rules and establishing strict enforcement mechanisms, Turkey aims to create a more transparent, secure, and investor-friendly cryptocurrency market.
Cryptocurrency investors in Japan are bracing for impact following a plan to reclassify digital assets as financial products. While the plan has elicited excitement from cryptocurrency enthusiasts in the Far East, the ambitious plan will have to scale several legislative hurdles.
Japan Targets Reclassification Of Cryptocurrencies As Financial Products
According to a report by Nikkei, Japan’s Financial Services Agency (FSA) is inching toward classifying cryptocurrencies as financial products. Per the report, the FSA intends to achieve the reclassification via an amendment to the Financial Instruments and Exchange Act.
Currently, digital assets in Japan are considered crypto assets conferred with property rights and seen as payment means. Under the FSA’s plans, cryptocurrencies in Japan will be treated as financial products in the same manner as traditional financial products.
The FSA says it will adopt a slow and steady approach toward the reclassification, carrying out “a private expert study group” to test the waters. If everything goes according to plan, the FSA will submit the amended bill to Parliament in early 2026.
The classification of cryptocurrencies as financial products will have far-reaching consequences for the local ecosystem. Experts say treating cryptocurrencies as financial products will bring Japan closer to a crypto ETF launch amid a changing regulatory landscape.
Furthermore, the move may lower current cryptocurrency taxation for local investors since existing capital market rules will apply to the asset class.
A Fresh Bill For Crypto Insider Trading Is Underway
Apart from the reclassification, the FSA disclosed plans for new legislation against insider trading. The move flows treating cryptocurrencies as financial products and will strengthen existing investor protection rules.
“It is a direction to establish a new insider trading regulation that prohibits trading based on unpublished internal information,” said the FSA. “We will develop laws to prevent unfair transactions.”
However, Japan’s cryptocurrency scene is heating up to a boil, driven by local and international players. Last week, stablecoin issuer Circle secured approval from the FSA for USDC with top exchanges set to list the stablecoin.
Japan’s Metaplanet has tapped Eric Trump to join its Strategic Board of Advisors as it continues to load up Bitcoin.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In what is being dubbed a major development in the crypto regulation space, the Governor of the US state of Kentucky, Andy Beshear, has signed the ‘Bitcoin Rights’ bill into law. The law promises to safeguard protections for Bitcoin (BTC) users.
Bitcoin Rights Bill Comes Into Effect
Crypto regulations continue to evolve under pro-crypto US President Donald Trump’s administration. In the latest development, Kentucky has become the newest state to enshrine protections for digital asset users.
In an X post published on March 24, crypto advocacy group Satoshi Action Fund announced that Governor Beshear had signed the much-anticipated Bitcoin Rights bill into law. The post stated:
The right to self-custody, run a node, and use of digital assets is now protected for millions of Americans without fear of discrimination.
The bill was first introduced to the Kentucky House by Rep. Adam Bowling on February 19. According to the bill’s description, it seeks to safeguard users’ rights to use digital assets and self-custody wallets. Additionally, it aims to prohibit local zoning changes that discriminate against crypto mining operations.
The legislation outlines guidelines for running a digital asset node and excludes digital asset mining from money transmitter license requirements. It also clarifies that crypto mining or staking is not considered an offer or sale of securities.
On February 28, the bill passed Kentucky’s House of Representatives with a unanimous vote of all 91 representatives in favor. It later passed the Kentucky Senate on March 13, receiving backing from all 37 senators.
Kentucky’s proactive stance toward cryptocurrencies isn’t new. Earlier this year, the state became the 16th US state to introduce legislation seeking to create a Bitcoin strategic reserve.
Meanwhile, neighboring state Arizona is also joining the crypto movement. A recent X post by Bitcoin Laws revealed that Arizona’s House Rules Committee has passed two Bitcoin reserve bills — SB1373 and SB1025. These bills will now head to a full floor vote.
Renewed Optimism Under Trump Administration
Following Trump’s victory in the November presidential election, cryptocurrency regulations in the US are evolving rapidly, with many states introducing legislation aimed at strengthening their digital asset ecosystems and attracting crypto businesses.
Positive changes in crypto regulations are encouraging industry businesses to expand. For instance, leading crypto trading platform Coinbase recently announced plans to hire 1,000 employees in the US.
The Trump administration has also witnessed several lawsuits being dropped against major crypto entities, including Kraken, Coinbase, Gemini, and others. At press time, Bitcoin trades at $87,399, down 0.2% in the past 24 hours.
Featured Image from Unsplash.com, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
Hawk Tuah girl Hailey Welch, known for her association with the controversial $HAWK token, has been cleared of any wrongdoing after a lengthy investigation by the U.S. Securities and Exchange Commission (SEC). The SEC has decided not to press charges against Welch in connection with the rapid rise and subsequent collapse of the meme-based cryptocurrency.
US SEC Investigation Into Hawk Tuah Girl Concludes Without Charges
The SEC had launched an investigation into the $HAWK token after its dramatic price drop. The token, which was linked to Welch’s viral persona, initially saw a market cap surge to $490 million before crashing by over 90%. Investors who were impacted by the crash filed a lawsuit against those behind the project, alleging that the coin had been promoted and sold without proper registration.
Hawk Tuah girl Hailey Welch, who cooperated fully with the investigation, expressed relief after the SEC’s decision. “For the past few months, I’ve been cooperating with all the authorities and attorneys, and finally, that work is complete,” Welch told TMZ.
Her attorney, James Sallah, confirmed that the SEC had closed the case without any findings against her, adding that there would be no monetary sanctions or restrictions on Welch’s future involvement in cryptocurrency or securities.
This Is A Developing News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Ethereum Is ‘Completely Dead’ As An Investment: Hedge Fund
Bitcoin Price Nears $80,000; Fuels Death Cross Potential
Dogecoin (DOGE) Bulls In Trouble—Can They Prevent a Drop Below $0.15?
XRP Price Fate Hangs on $2.00—Major Move Incoming?
Ethereum Price Weakens—Can Bulls Prevent a Major Breakdown?
Bitcoin Bears Tighten Grip—Where’s the Next Support?
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Ethereum18 hours agoWhales Accumulate 470,000 Ethereum In One Week – Bullish Momentum Ahead?
-
Market22 hours agoWhale Leverages $27.5 Million PEPE Long on Hyperliquid
-
Ethereum20 hours agoEthereum Analyst Eyes $1,200-$1,300 Level As Potential Acquisition Zone – Details
-
Bitcoin19 hours agoGold Keeps Outperforming Bitcoin Amid Trump’s Trade War Chaos
-
Ethereum21 hours agoEthereum May Have Hit Cycle Bottom, But Pricing Bands Signal Strong Resistance At $2,300
-
Market20 hours agoBitcoin (BTC) Whales Accumulate as Market Faces Uncertainty
-
Altcoin19 hours agoAnalyst Reveals Why The XRP Price Can Hit ATH In The Next 90 To 120 Days
-
Market18 hours ago3 Token Unlocks for April: Parcl, deBridge, Scroll
✓ Share: