- According to recent information, a bill for cryptocurrency regulation in Turkey will be presented to the Parliament this week. What is expected?
- The Justice and Development Party (AK Party) aims to bring platforms where cryptocurrencies are traded under the regulation and supervision of the Capital Markets Board (SPK) with the regulation on crypto assets it will present to the Parliament this week.
- The preparations for the bill containing regulations on crypto assets, carried out under the chairmanship of AK Party Group Chairman Abdullah Güler, have been completed. The proposal is planned to be submitted to the Presidency of the Grand National Assembly of Turkey (TBMM) during the week.
This article discusses the upcoming cryptocurrency regulation bill in Turkey, its implications for crypto trading platforms, and the potential impact on the crypto market.
Reducing Risks in Crypto Trading
The new proposal aims to reduce the risks of parties trading with crypto assets in Turkey in a manner similar to international practices. With the regulation that will broadly define crypto assets, it is aimed to license the platforms where they are traded and to bring them under the regulation and supervision of SPK.
Regulation of Cash and Crypto Assets
The proposal will include the storage of cash and crypto assets held on behalf of customers on platforms, relationships between platforms and customers, and the sanctions and penalties to be applied. The criteria related to the operating principles of the platforms will be determined with the secondary regulation to be made.
Blockchain Technology and Crypto Assets
The bill will include provisions for giving SPK authority and introducing a permit requirement regarding the sale or distribution of crypto assets, the value of which cannot be separated from these technologies, by those who develop blockchain and similar technologies. With the regulation, it is aimed to encourage the development of software architecture and related technological tools for the creation of blockchain, with the Scientific and Technological Research Council of Turkey (TÜBİTAK) also taking a role in this process.
Conclusion
With the legalization of the regulation related to crypto assets and the start of licensing of crypto asset service providers, it is also envisaged to eliminate the criticisms brought within the scope of the 15th technical standard of the Financial Action Task Force (FATF) and for Turkey to exit the “partially compliant” category.
