Cryptocurrency embezzlement is a special crime of embezzlement that occurs when a manager or employee of a crypto asset service provider embezzles the crypto asset in the organization's assets, either by himself or by someone else.
What is a Crypto Asset Service Provider?
Within the scope of the regulations added to the Capital Markets Law by Law No. 7518, crypto asset service providers are platform and wallet service providers that provide crypto asset buying, selling, clearing, transfer, custody and other services.
Elements of Crime
- The perpetrator is a manager, auditor or employee of the crypto asset service provider
- The thing acquired is a crypto asset
- The crypto asset is in the possession of the service provider
- The perpetrator's own or someone else's embezzlement of the crypto asset
Penalty
The penalty for cryptocurrency embezzlement prescribed by the CMB is 8 to 14 years of imprisonment and a judicial fine of 5,000 to 10,000 days.