Prime Minister Turkiye has introduced a bill aimed at reducing risks for parties trading crypto assets in the country. This proposal was submitted to Parliament.
The bill, introduced by ruling party chairman Abdullah Güler, includes various regulations regarding crypto assets and will be implemented by the Capital Markets Board (CMB). This proposal establishes important rules regarding cryptocurrency service providers and strengthens the CMB's oversight of them.
The bill aims to introduce a licensing regime for crypto companies, which will be handled by the CMB and will bring crypto companies under regulatory oversight. The scope of inspections of cryptocurrency providers will also be expanded to protect customers.
Although the bill does not have any provisions regarding taxation, CMB and TÜBİTAK will receive a certain percentage of revenue from virtual currency service providers. CMB and TÜBİTAK receive his 1% of these revenues from crypto service providers. The Turkiye Institute for Scientific and Technological Research (TÜBİTAK) is a national institution in Turkiye whose goal is to develop “Science, Technology and Innovation” policy, support and implement research and development.
The bill is expected to strengthen Turkiye's compliance with international standards for crypto assets, eliminate criticism from the Financial Action Task Force (FATF), and make the country's crypto ecosystem more secure.
In March, the country's Economy Minister Mehmet Şimşek shared with the public his government's efforts to get out of the FATF gray list, stating that a delegation would come to Turkiye for inspection in April-May, and that the gray list would be It was emphasized that it would be deleted. .
Also in March, Omer Ileri, deputy chairman of the Information and Communication Technology Committee of the ruling AK Party, said, “We believe it is very important to carry out legal research in the field of crypto assets. “This is primarily research on regulating platforms.” , but beyond that, it will be a regulation that protects the public and investors. ”
Correction (May 17, 13:00 UTC): Removed reference to bill banning businesses without local origins.
Updated (May 17, 13:28 UTC): Replace “Table” with “Take” in the heading.
