Turkey’s Crypto Regulation: Three Transactions Banned, Impact on Bitcoin (BTC) and Ethereum (ETH)

  • Crypto regulation, a long-discussed topic, is finally ready to be presented to the Parliament. The bill, expected to be introduced this week, signals the beginning of a new era in the crypto asset market.
  • What does the bill contain? What changes will it bring? In this article, we will answer all your questions about crypto regulation in detail.
  • Long-awaited crypto regulation is finally becoming law! The crypto asset market is entering a new era with the bill to be presented to the Parliament this week.

This article provides an in-depth analysis of the upcoming crypto regulation bill in the Parliament, detailing its implications for the crypto asset market and investors.

Crypto Regulation: Detailed Review

The crypto market has grown rapidly in recent years. Parallel to this growth, the need for legal regulations to protect investors and create a trust environment in the market has also increased. This bill aims to meet this need by forming the first comprehensive regulation of the crypto market in Turkey.

Key Objectives of the Bill

The main objectives of the bill are:

  • Protecting Investors: Protecting investors from fraud and other risks.
  • Establishing Trust and Stability in the Market: Creating a trust environment in the market through transparency and audit.
  • Preventing Money Laundering: Preventing the use of crypto assets in money laundering.

Prohibition on Short Sales, Credit and Leveraged Transactions

As we reported on CoinOtag, various changes have been made in the proposal expected to be presented to the Parliament this week. The important changes made in the bill are:

  • Definition: Crypto assets are legally defined as “intangible assets” for the first time. This clarifies the legal status of crypto assets and determines legal rights and obligations.
  • Authorization: The issuance of crypto assets and the licensing and auditing of trading platforms are transferred to the Capital Markets Board (SPK). This ensures that all activities in the market are audited and illegal transactions are prevented.
  • Transparency: All transfer transactions made on platforms are recorded and compliance with the Financial Crimes Investigation Board (MASAK) is ensured. This takes an important step in combating money laundering and other financial crimes.
  • Prohibitions: Credit transactions, short sales, and leveraged transactions are banned to reduce risks arising from price fluctuations of crypto assets. This prevents investors from experiencing sudden and large losses.
  • Insurance: Due to the risky nature of crypto currency investments, no insurance mechanism is foreseen. Investors can insure their investments themselves.
  • Investment Consultancy: Secondary regulations are made on issues such as investment consultancy and portfolio management, and authority is given to SPK. This allows for more secure and professional service to investors.
  • Criminal Sanctions: Those who provide crypto asset services without permission are subject to monetary penalties specified in the bill. This ensures the deterrence of illegal activities.

Conclusion

The upcoming crypto regulation bill in Turkey is a significant step towards establishing a secure and transparent environment for crypto investors. The bill aims to protect investors, prevent money laundering, and bring clarity to the legal status of crypto assets. However, it also introduces certain restrictions such as banning credit transactions, short sales, and leveraged transactions. As the crypto market continues to evolve, it remains to be seen how these regulations will impact the market dynamics and investor behavior.

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Crypto Vira
Crypto Virahttps://coinotag.com/
Alican is a young and dynamic individual at the age of 23, with a deep interest in space exploration, Elon Musk, and following in the footsteps of Atatürk. Alican is an expert in cryptocurrency, price action, and technical analysis. He has a passion for sharing his knowledge and experience through writing and aims to make a positive impact in the world of finance.
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