Regulation
Crypto Assets Bill Set to Be Presented to Turkish Parliament
Preparations for a new law regulating cryptocurrency assets in Turkey, aimed at mitigating risks associated with cryptocurrency transactions and aligning with international standards, are considered complete, according to a report published on Saturday.
Development and Justice Party (AK Party) Group Chairman Abdullah Güler chaired a meeting to finalize preparations for a bill containing regulations on cryptocurrency assets, says a report from Anadolu Agency (AA).
The project should be submitted to Parliament within the week.
The project aims to reduce the risks of parties dealing with cryptocurrency assets in Turkey, similar to international practices.
The regulation, which aims to generally regulate cryptocurrency assets, aims to license the platforms on which they are traded by the Capital Markets Board (SPK) and subject them to regulation and supervision of the SPK.
The proposal would also include provisions regarding the custody of cash and cryptocurrency assets held on behalf of clients on the platforms, the relationships between platforms and clients, and the sanctions and penalties to be applied.
The criteria relating to the operating principles of the platforms would, however, be determined by secondary regulations.
Treasury and Finance Minister Mehmet Şimşek announced earlier this year that he had reached the final stage of technical studies on legal regulation regarding cryptocurrency assets, seeking to mitigate risks and regulate platforms and trading transactions.
The regulations should impose licensing and operating standards on trading platforms and help the country be removed from the international financial crime watchdog’s “grey list”, he said at the time.
The Cryptocurrency Assets Bill is expected to include provisions authorizing the Capital Markets Board to grant permissions and impose conditions for the sale or distribution of cryptocurrency assets whose value cannot be separate from blockchain and similar technologies developed by individuals.
The regulation aims to involve the Scientific and Technological Research Council of Turkey (TÜBITAK) in this process in order to encourage the development of software architectures for blockchain and related technological tools.
After the promulgation of the cryptocurrency asset regulations and the start of licensing of cryptocurrency asset service providers, the criticisms made under the Group’s Technical Standard No. 15 (FATF) should be taken into account, and Türkiye should possibly withdraw from it. in the “partially compliant” category.