In recent years, cryptocurrencies are gaining popularity day by day in Turkey as well as around the world. With this increasing interest, the need for regulation of the cryptocurrency market is increasing day by day. In order to meet this need, the bill containing the cryptocurrency regulation prepared by the AK Party is ready to be presented to the Presidency of the Turkish Grand National Assembly this week. This important development represents a critical turning point for the future of the cryptocurrency market in Turkey.
Cryptocurrency proposal will go to Parliament
According to the latest developments, the bill containing the cryptocurrency regulation prepared by the AK Party is ready to be presented to the Presidency of the Turkish Grand National Assembly this week. This important development represents a critical turning point for the future of the cryptocurrency market in Turkey. So, what does this regulation mean for investors and platforms?
Details regarding the content of the proposal are beginning to become clear. According to the draft text, Bitcoin and altcoins will be discussed in a broad definition and platforms that mediate the buying and selling of these assets will be subject to the supervision of the Capital Markets Board (CMB). In this way, it is aimed to secure the rights and assets of investors traded on the platforms.
CMB permission will be required
The regulation will also include issues such as the storage of cash and crypto assets held by platforms on behalf of customers, the regulation of relations between platforms and customers, and the sanctions and penalties to be applied. In this way, it is aimed to ensure transparency and trust in the market. In addition, permission from the CMB will be required for the sale and distribution of BTC and altcoins developed using blockchain and similar technologies. In this way, it is aimed to supervise new token projects and protect investors.
With the regulation becoming law and the licensing of BTC and altcoin asset service providers, Turkey is expected to eliminate criticism within the scope of the Financial Action Task Force’s (FATF) technical standard No. 15 and exit the “partially compliant” category. For cryptocurrency investors, this regulation means a safer and more regulated market. Platforms will have the opportunity to operate within a legal framework by obtaining a CMB license.
However, there are also some concerns about regulation in the crypto field, although not specifically in Türkiye. Strict regulations and increased bureaucratic procedures can deter investment and hinder innovation. Therefore, it is important to maintain balance and make a regulation that will encourage the development of the sector. In conclusion, cryptocurrency regulation is a critical step for the future of this sector in Turkey. Investors and platforms should closely follow the details of the legal text and the implementation schedule.
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