A proposed law in Turkey aims to lower the risks associated with parties conducting business using cryptocurrency assets there. The parliament has received the proposal. Chairman of the ruling party Abdullah Güler submitted the measure, which will be carried out by the Capital Markets Board (CMB) and contains a number of restrictions pertaining to cryptocurrency assets. With this plan, the CMB will have more authority over cryptocurrency service providers and key regulations will be established.
The purpose of the law is to bring cryptocurrency companies under the regulatory purview and establish a licencing system that will be managed by the CMB. Additionally, the scope of inspections for crypto providers will be broadened to safeguard customers.
The measure does not contain any tax provisions, although CMB and TÜBİTAK will receive specific income rates from cryptocurrency service providers.
One percent of these profits from cryptocurrency service providers will go to CMB and TÜBİTAK. TÜBİTAK, or the Scientific and Technological Research Institution of Türkiye, is a national organisation whose objectives are to create policies pertaining to “science, technology, and innovation,” as well as to promote and carry out research and development. With relation to cryptocurrency assets, this measure is anticipated to improve Turkey’s adherence to international standards, remove the Financial Action Task Force’s (FATF) criticism, and strengthen the security of the nation’s cryptocurrency ecosystem.
Mehmet Şimşek, the minister of economy, informed the public in March about the government’s attempts to remove Turkey from the FATF grey list.
He also announced that a delegation would visit the nation in April or May to conduct an inspection and underlined that the country will be taken off the list. In March, Ömer İleri, the Deputy Chairman of Information and Communication Technologies for the ruling AK Party, stated, “We think it’s critical to conduct legal research on cryptocurrency assets. In addition to protecting our residents and investors, this legal regulation will also largely be a research that will control the platforms.”