- The long-awaited legal regulation for cryptocurrencies seems to be happening today. The AK Party will present the “Law Proposal for Amendment in the Capital Markets Law” that regulates the definition and transactions of crypto assets to the Grand National Assembly of Turkey (TBMM).
- This development is considered exciting news for cryptocurrency investors and the industry. If the regulation is accepted, it is also expected that Turkey will be removed from the Financial Action Task Force (FATF) grey list.
- According to the content of the proposal, crypto assets are defined as “intangible assets that can be created and stored electronically using distributed ledger technology or a similar technology, distributed over digital networks, and can express value or rights”. This definition includes Bitcoin, Ethereum, and many other popular cryptocurrencies.
Today, the AK Party will present a law proposal to the Turkish Parliament that could potentially change the landscape of cryptocurrency regulations in the country.
Cryptocurrency Regulation in Parliament Today!
Various news sources report that the crypto law proposal will be presented to the Presidency of the TBMM today at 15:30 Turkish time. The AK Party will present the “Law Proposal for Amendment in the Capital Markets Law” that regulates the definition and transactions of crypto assets to the Grand National Assembly of Turkey (TBMM). This development is considered a significant turning point for cryptocurrency investors and the industry.
Authority to SPK and Other Important Articles
The regulation and supervision of the cryptocurrency market are being transferred to the Capital Markets Board (SPK). In addition, all transactions taking place on platforms will be recorded and tracked by MASAK. Other important articles include:
- Definition: Crypto assets are clearly defined and made compliant with international standards.
- Licensing: Platforms trading cryptocurrencies will have to obtain a license.
- Security: Minimum operating conditions and regulations will be introduced to protect investors.
- Bans: Risky transactions such as leveraged transactions, credit transactions, and short sales in crypto assets will be banned.
- Investment Advisory: Investment advisory and portfolio management will be determined by a secondary regulation by the SPK.
- Insurance: No insurance mechanism will be envisaged for cryptocurrency investments.
- Penalty: Penalties will be applied to those who provide crypto services without permission.
Conclusion
The acceptance of this law proposal is a significant step for Turkey to be removed from the FATF grey list. This development is a turning point for cryptocurrency investors and the industry, providing a clear definition of crypto assets and introducing regulations to protect investors.
