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.

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Sheila Belson
Sheila Belsonhttps://en.coinotag.com
Sheila Belson is a 20-year-old financial content editor who ventured into the realm of cryptocurrencies in 2023. Enthralled by the innovative world of non-fungible tokens (NFTs), she harbours a profound affection for Ethereum. With a sharp eye for detail, Sheila skillfully navigates the dynamic crypto landscape, continuously seeking to enrich her understanding and share her passion through engaging and insightful content.
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