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摘要：
土耳其对加密货币的热情源于经济不稳定和货币贬值。在高通胀和里拉持续走弱的背景下，越来越多的土耳其人将加密货币视为对冲经济风险和保值的重要工具。

土耳其加密货币市场的崛起：解读《资本市场法修正案》及其背后的实用价值

近年来，土耳其凭借其庞大的加密货币交易量，成为全球加密货币市场中的重要角色。据统计，土耳其已成为全球第四大加密货币交易市场，仅次于美国、印度和英国。土耳其的加密货币市场增长主要受经济不稳定和土耳其里拉贬值的推动，这使得许多土耳其人将加密货币作为对抗经济不确定性和保值的手段。

背景与市场动态

从2020年底到2023年底，土耳其里拉贬值超过300%，引发了对经济稳定性的广泛担忧。2024年8月23日，里拉兑美元汇率创下历史新低，超过34里拉兑1美元。这种经济环境促使土耳其的加密货币市场迅速增长，尽管此前缺乏明确的监管框架。

随着全球对加密货币监管的日益重视，土耳其也开始加强对这一领域的监督。尽管土耳其中央银行在2021年禁止使用比特币等加密货币进行支付，但市场依然蓬勃发展，急需更明确的监管指导。

土耳其加密货币监管的明朗化：《资本市场法修正案》

2024年6月，土耳其议会通过了《资本市场法修正案》，并于7月正式生效，标志着该国加密资产服务提供商（CASPs）的初步监管框架建立，主要包括以下要点：

1. 监管机构：资本市场委员会（CMB）被指定为加密行业的监管机构，拥有授权运营、监督活动、实施制裁和采取必要措施的权力。

2. 刑事责任：修正案规定了对未经授权的加密业务、挪用用户资产以及欺诈行为的刑事处罚。

3. 监控与合规：交易平台需建立监控系统，以识别、防范并报告市场操纵和安全事件。

尽管缺乏全面的加密货币监管制度，土耳其现行法规仍对市场施加了一定的控制力，包括中央银行禁止使用加密货币支付，以及金融犯罪调查委员会（MASAK）要求交易所收集KYC数据以维护反洗钱措施等。此外，土耳其财政部长Mehmet Simsek也透露，涉及“加密钱包、加密资产服务提供商、加密资产托管商”的更全面监管法案已进入最终评估阶段，预计将很快出台。

政策解读：《资本市场法修正案》

2024年7月2日，土耳其政府正式通过了《资本市场法修正案》（法案编号7518），为加密资产服务提供商（CASPs）的运营设立了明确的法律框架。这一修订标志着土耳其加密货币市场进入了一个全新的合规时代。

1. 《资本市场法修正案》的出台背景

自2021年以来，土耳其因洗钱风险问题被列入FATF的灰名单。为了摆脱这一不利局面并明确加密货币的征税政策，土耳其开始加大对该领域的监管力度。如今，土耳其已成功从灰名单中移除，新的监管框架也随之出台，为加密货币市场的规范化发展奠定了基础。

2. 资本市场委员会（CMB）的新规出台

2024年7月2日，土耳其资本市场委员会（CMB）正式公布了第7518号《资本市场法修正案》，将加密资产服务提供商（CASPs）的规定纳入立法范围。这标志着土耳其加密货币监管进入了新阶段，所有加密资产服务提供商都必须获得CMB的许可，并遵守TUBITAK设定的标准。此外，与银行相关的活动还需获得银行监管与监督机构（BDDK）的批准。这些规定不仅强化了监管，也为加密资产行业的健康发展提供了保障。

3. 加密资产平台的设立条件

根据新法规，加密资产平台的设立需满足以下条件：

1. 平台应设立为股份有限公司，并且最低实缴资本为5000万土耳其里拉。
2. 所有股份均应以现金发行并登记在案。
3. 创始人和管理者需符合资本市场法和其他相关法律的规定，具备足够的经济实力、诚实性和信任度。
4. 加密资产平台的经营范围应明确，涵盖购买、销售、首次发行、分销、清算、转让和托管等活动。

4. 平台运营的过渡与清算

新法规要求，目前正在土耳其运营的加密资产服务提供商必须在一个月内向CMB提交所需文件，未能提交申请的公司则必须在一个月内做出清算决定。临时运营的平台必须在2024年11月8日前提交平台运营许可申请，否则将面临清退。

在过渡期内，共有76家交易所获得了继续运营的临时许可，并需遵守新法规的各项要求。与此同时，已有8家未能满足条件的交易所被要求清退。

5. 严格的监管与处罚措施

新法规对未经授权从事加密资产服务的个人和机构设立了严厉的处罚措施。违反规定的个人和法人将面临3至5年的监禁，并处以5000至10000天的罚款。而挪用委托资金或资产的行为将导致更为严厉的刑罚，最高可判处14年的监禁，并处以巨额罚款。

对于涉及欺诈行为以掩盖挪用行为的犯罪者，将面临14至20年的监禁，并处以最高20000天的罚款。此外，非法利用被撤销许可证的加密资产服务提供商资源的个人，也将面临最高22年的监禁和20000天的罚款。

监管框架的影响与前景

《资本市场法修正案》标志着土耳其在加密货币监管领域迈出了关键一步。这一修正案为加密资产服务提供商（CASPs）设立了明确的法律框架，使得加密货币市场的运营更加规范和透明。

• 增强市场信任与稳定性：通过设立严格的监管标准，修正案为加密货币市场引入了更高的透明度和责任感。这不仅有助于提高投资者对市场的信任，还能防止不正当行为的发生，从而为市场的长期稳定奠定基础。

• 推动合规与规范化发展：修正案要求加密资产服务提供商获得CMB的许可，并遵守严格的运营标准。这一要求将推动行业的规范化发展，淘汰不合规的市场参与者，促使更多合规企业参与市场竞争。

• 国际企业的入场与竞争：修正案出台后，已有多家国际知名交易所申请牌照，显示出土耳其市场对国际企业的吸引力。这一趋势可能会加剧市场竞争，同时带来更多先进的技术和服务，进一步推动土耳其加密市场的发展。

• 监管力度的加大与市场的整合：修正案不仅设立了更严格的监管标准，还对违法行为制定了严厉的处罚措施。这将有助于清理市场中的不法行为，促使市场更为健康、透明，并吸引更多正规企业参与其中。

• 市场增长的潜力：土耳其是全球第四大加密货币交易国，随着这一修正案的实施，加密货币市场可能迎来新的增长机遇。受益于更加明确的法律框架，土耳其市场的参与者将有机会在更加稳定的环境中发展和扩展业务。

《资本市场法修正案》不仅为土耳其的加密货币市场带来了新的秩序和规范，同时也为其未来的发展奠定了坚实的基础。随着更多企业的参与和市场的逐步成熟，土耳其加密货币市场有望迎来新一轮的繁荣。

实用价值：
对于投资者和企业来说，土耳其的新监管框架提供了一个更可预测和安全的环境，参与加密货币活动。对合规的重视以及引入严格的处罚措施，强调了遵守法律标准的重要性。考虑进入土耳其市场的国际企业将发现一个日益受监管的市场，拥有明确的规则和期望，使其成为加密货币领域发展的理想目的地。随着土耳其加密市场的不断发展，利益相关者应密切关注监管动态，调整策略，以把握新兴机会。

Turkey Emerges as the World's Fourth Largest Cryptocurrency Market: Analyzing the New Regulatory Landscape under the "Capital Markets Law Amendment"

Abstract:
Turkey's growing enthusiasm for cryptocurrency stems from economic instability and currency depreciation. Amid high inflation and the weakening of the Turkish lira, more Turks view cryptocurrency as a vital tool for hedging economic risks and preserving value.

Turkey's Cryptocurrency Market Boom: Insights into the New "Capital Markets Law Amendment" and Its Practical Implications

In recent years, Turkey has become a significant player in the global cryptocurrency market, driven by substantial trading volumes. According to data, Turkey is now the fourth-largest cryptocurrency market globally, following the U.S., India, and the UK. This rise is largely due to economic instability and the devaluation of the Turkish lira, which has led many Turks to turn to cryptocurrency as a hedge against economic uncertainty and a means to preserve their wealth.

Background and Market Dynamics

Between the end of 2020 and the end of 2023, the Turkish lira depreciated by over 300%, prompting widespread concern about economic stability. On August 23, 2024, the lira hit a historic low against the dollar, trading at over 34 lira per dollar. This economic environment has fueled the rapid growth of Turkey's cryptocurrency market, despite the lack of a clear regulatory framework in previous years.

In response to global trends in cryptocurrency regulation, Turkey has begun to strengthen its oversight of the sector. Despite the Central Bank of the Republic of Turkey's 2021 ban on using cryptocurrencies like Bitcoin for payments, the market has continued to grow, necessitating clearer regulatory guidelines.

Turkey's Clarified Cryptocurrency Regulation: The Capital Markets Law Amendment

In June 2024, the Turkish Parliament passed, and in July, enacted the "Capital Markets Law Amendment," which has garnered significant attention in the crypto industry. The amendment introduces an initial regulatory framework for crypto asset service providers (CASPs), with key provisions including:

1. Regulatory Authority: The Capital Markets Board (CMB) is designated as the regulatory body for the crypto industry, empowered to license operations, oversee activities, impose sanctions, and take necessary measures.

2. Criminal Liabilities: The amendment outlines criminal penalties for unauthorized crypto operations, misappropriation of user assets, and fraud.

3. Monitoring and Compliance: Trading platforms are required to implement monitoring systems to identify, prevent, and report market manipulation and security incidents.

Despite the absence of a comprehensive regulatory system, existing regulations in Turkey, such as the Central Bank's ban on crypto payments and the Financial Crimes Investigation Board's (MASAK) requirement for KYC data collection to enforce anti-money laundering measures, still exert some control over the market.

Additionally, Turkey's Finance Minister Mehmet Simsek indicated that more comprehensive crypto regulations, covering areas like crypto wallets and asset custodians, are in the final stages of review, suggesting further clarity in the near future.

Policy Insights: The New "Capital Markets Law Amendment"

On July 2, 2024, the Turkish government officially passed the "Capital Markets Law Amendment" (Law No. 7518), which provides a clear legal framework for the operation of crypto asset service providers (CASPs). This marks the beginning of a new era of compliance in Turkey's cryptocurrency market.

1. Background of the Capital Markets Law Amendment

Since 2021, Turkey has been on the FATF's gray list due to concerns over money laundering risks. To improve its standing and clarify crypto tax policies, Turkey has increased its regulatory efforts in this area. The new regulatory framework has now removed Turkey from the gray list and laid the foundation for a more structured development of the cryptocurrency market.

2. New Regulations by the Capital Markets Board (CMB)

The amendment, announced by the CMB on July 2, 2024, brings crypto asset service providers under formal legislative oversight. All CASPs must obtain CMB authorization and adhere to standards set by TUBITAK. Activities related to banking must also receive approval from the Banking Regulation and Supervision Agency (BDDK). These regulations strengthen oversight and ensure the healthy development of the crypto asset industry.

3. Establishment Conditions for Crypto Asset Platforms

Under the new regulations, crypto asset platforms must meet the following criteria:

1. Be established as a joint-stock company with a minimum paid-up capital of 50 million Turkish lira.
2. All shares must be issued and registered in cash.
3. Founders and managers must comply with capital market laws and other relevant legislation, possessing sufficient economic strength, integrity, and credibility.
4. The scope of operations should include activities such as purchasing, selling, initial issuance, distribution, clearing, transfer, and custody of crypto assets.

4. Transitional Operation and Liquidation

The new law requires current CASPs operating in Turkey to submit necessary documents to the CMB within a month. Companies failing to apply must decide on liquidation within a month. Temporarily operating platforms must submit their platform operation license applications by November 8, 2024, or face withdrawal.

During the transition period, 76 exchanges received temporary licenses to continue operations under the new regulations, while eight that failed to meet the criteria were ordered to withdraw.

5. Strict Regulation and Penalties

The amendment introduces severe penalties for unauthorized crypto asset services. Individuals and institutions violating the regulations will face 3 to 5 years in prison and fines of 5,000 to 10,000 days. Misappropriating entrusted funds or assets will result in harsher penalties, with imprisonment of up to 14 years and hefty fines.

For crimes involving fraud to cover up misappropriation, offenders will face 14 to 20 years in prison and fines up to 20,000 days. Additionally, individuals who illegally use resources from CASPs with revoked licenses will face up to 22 years in prison and fines of 20,000 days.

Impact and Outlook of the Regulatory Framework

The "Capital Markets Law Amendment" marks a significant step forward in Turkey's cryptocurrency regulation. This amendment provides a clear legal framework for CASPs, ensuring more regulated and transparent market operations.

• Enhancing Market Trust and Stability: The amendment introduces higher transparency and accountability standards in the cryptocurrency market, helping increase investor trust and prevent malpractice, thereby laying a foundation for long-term market stability.

• Promoting Compliance and Orderly Development: The requirement for CASPs to obtain CMB licenses and adhere to stringent operational standards will promote the orderly development of the industry, eliminating non-compliant market participants and encouraging more compliant enterprises to compete.

• Attracting International Firms and Competition: Following the amendment, several well-known international exchanges have applied for licenses, highlighting Turkey's attractiveness to global businesses. This trend may increase market competition, bringing more advanced technology and services, further driving the development of Turkey's crypto market.

• Intensified Regulation and Market Consolidation: The amendment not only sets stricter regulatory standards but also imposes severe penalties for illegal activities. This will help eliminate unlawful behavior, foster a healthier and more transparent market, and attract more legitimate enterprises to participate.

• Potential for Market Growth: As the world's fourth-largest cryptocurrency trading nation, Turkey may see new growth opportunities with the implementation of this amendment. With a clearer legal framework, market participants in Turkey will have the chance to develop and expand their businesses in a more stable environment.

The "Capital Markets Law Amendment" brings new order and regulation to Turkey's cryptocurrency market, laying a solid foundation for its future development. With more enterprises participating and the market maturing, Turkey's cryptocurrency market is poised for a new wave of prosperity.

Practical Implications:
For investors and businesses, the new regulatory framework in Turkey offers a more predictable and secure environment to engage in cryptocurrency activities. The emphasis on compliance and the introduction of stringent penalties for violations underscore the importance of adhering to legal standards. International firms considering entering the Turkish market will find an increasingly well-regulated landscape, with clear rules and expectations, making it an attractive destination for growth in the cryptocurrency sector. As Turkey's crypto market continues to evolve, stakeholders should closely monitor regulatory developments and adapt their strategies to capitalize on emerging opportunities.

https://www.hpay.news/turkey/