Finalized Crypto Regulations in Turkey: Legislative Review Expected This Week – Impact on Bitcoin (BTC) and Other Cryptocurrencies

• Legislation aimed at regulating cryptocurrencies has been completed under the leadership of AK Party Group President Abdullah Güler.
• The bill, which is expected to be submitted to the Grand National Assembly of Turkey (TBMM) this week, aims to minimize risks associated with cryptocurrencies in line with international regulations.
• The proposal also aims to license and regulate platforms that offer cryptocurrency trading services, similar to the Capital Markets Board (SPK).

AK Party Group President Abdullah Güler completes legislation aimed at regulating cryptocurrencies, with the bill expected to be submitted to the Grand National Assembly of Turkey this week.

Regulating Cryptocurrencies in Turkey

The legislation, led by AK Party Group President Abdullah Güler, is aimed at regulating cryptocurrencies in Turkey. The bill is expected to be submitted to the Grand National Assembly of Turkey (TBMM) this week. The legislation aims to minimize risks associated with cryptocurrencies, in line with international regulations.

Licensing and Regulating Cryptocurrency Trading Platforms

The proposal also aims to license and regulate platforms that offer cryptocurrency trading services. This is similar to the approach taken by the Capital Markets Board (SPK). According to NTV, the bill will also address the protection of cash and cryptocurrencies held by customers on platforms (exchanges), as well as relationships between platforms and customers, and applicable penalties and sanctions.

Blockchain and Cryptocurrency Distribution

The bill also reportedly includes provisions requiring permission for the sale and distribution of cryptocurrencies developed using blockchain and similar technologies. Technological developments aimed at creating a blockchain through TÜBİTAK are also targeted for encouragement. There have been discussions about introducing two separate tax and declaration obligations for cryptocurrencies in Turkey.

Conclusion

The completion of this legislation marks a significant step towards regulating cryptocurrencies in Turkey. The bill aims to minimize risks associated with cryptocurrencies, license and regulate cryptocurrency trading platforms, and address the protection of customer assets. It also includes provisions for the sale and distribution of cryptocurrencies developed using blockchain technology. This legislation could set a precedent for other countries looking to regulate the growing cryptocurrency market.