New Legislation Proposal on Cryptocurrency Assets Presented to Turkish Parliament: Implications for Bitcoin (BTC) and Ethereum (ETH)

  • AK Parti Group President Abdullah Güler has shared the details of a proposed law containing regulations for cryptocurrencies. The proposal, consisting of 19 articles, was submitted to the Presidency of the Grand National Assembly of Turkey (TBMM).
  • The proposal includes definitions of concepts such as wallets, cryptocurrency service providers, and platforms within the cryptocurrency ecosystem. Cryptocurrency service providers will need to obtain permission from the Capital Markets Board (SPK) to begin operations.
  • The sale and distribution of cryptocurrencies will be regulated by the SPK, and a preliminary report will be obtained from TÜBİTAK for cryptocurrency issuance.

This article discusses the details of a proposed law in Turkey aimed at regulating the cryptocurrency ecosystem. The proposal, submitted by AK Parti Group President Abdullah Güler, seeks to create a safer and more stable environment for cryptocurrencies.

Regulations for Cryptocurrency Ecosystem

The proposed law includes various measures to ensure the security, transparency, and stability of transactions performed on platforms. The procedures and principles related to investment consultancy for cryptocurrencies will be determined by the SPK. Institutions operating without permission will fall under the jurisdiction of the SPK. Unlicensed activities will be eliminated both domestically and abroad, and the effectiveness against illegal activities will be increased.

Transition Period for Existing Institutions

A transition period has also been arranged for institutions currently in operation. These institutions will either start to the board within 1 month or decide to liquidate within 3 months. The use of foreign cryptocurrency exchanges will be terminated.

Objective of the New Regulations

Güler emphasized that the new regulations aim to provide trust and stability in the cryptocurrency ecosystem. He noted that important steps have been taken to protect investors in the cryptocurrency market and increase trust in the market. These regulations will ensure that activities in the sector are carried out in a more transparent and reliable manner.

Conclusion

In conclusion, the proposed law submitted to the TBMM is considered an important step in regulating and supervising the cryptocurrency market in Turkey. Implementing such regulations is of great importance for the healthy growth and development of the cryptocurrency ecosystem.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Ethereum Sees 16,913 ETH Net Issuance in a Week: Total Supply Reaches 120.7 Million

COINOTAG News reports for April 27th that recent data...

Bitcoin Poised to Surpass All-Time High as Funding Rates Remain Negative, Says CryptoQuant Analyst

COINOTAG News, April 26th – Analyst Avocado from CryptoQuant...

Bitcoin Investor Sentiment Improves Amid Tariff Talks, But Weekend Volatility Risks Remain

The latest update from COINOTAG on April 26th highlights...

Bitcoin Faces Strong Resistance: Key Price Range of $94,125 to $99,150 Analyzed by Expert

On April 26th, COINOTAG reported that cryptocurrency analyst @ali_charts...

Understanding Mainstream Culture: Nick Tomaino on the Future of Crypto and On-Chain Games

Nick Tomaino, founder of 1confirmation, recently highlighted an essential...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img