Cryptocurrency Draft Workshop Report Published! What’s In?

Cryptocurrency Draft Platform has prepared a report based on the research conducted during the Cryptocurrency Draft Workshop held in Ankara on February 11, 2022. The 54-page article published on Kriptovarlkyasasi.org provides information on Blockchain technology and cryptocurrencies, as well as making suggestions on how this area can be regulated. cryptocoin.com We are presenting the details of the workshop report published today…

What does the Cryptocurrency Bill Workshop Report contain?

The bill is on the concepts of Bitcoin, Blockchain technology, crypto money, token, private key and public key. The study also touches on the key features of cryptocurrencies. The conclusion of the report includes the following recommendations:

1. The definition of all the concepts in cryptocurrencies should be made clearly.
2. A regulation that should be subject to licensing of cryptocurrency trading platforms
   However, in this licensing process, the investor should not be victimized and the cryptocurrency trader
   not to impose any restrictions on users that would render the use of the technology in question meaningless in the country.
   required.
3. The regulation of trading cryptocurrencies only at institutions authorized by the CMB,
   This is due to the conclusion that no trading can be made to any other crypto currency exchange.
   regulation should be corrected.
4. The provision that cryptocurrencies cannot be taken out of the wallets foreseen in the possible legislation should be removed as it is unconstitutional as it constitutes a violation of property rights. The person has the right to dispose of his/her property – in crypto assets – as he/she wishes, provided that it is not against the law. This freedom also includes the right to keep their assets (cold wallet) or subject them to any debt relationship they wish. It should also be kept in mind that a “closed-loop” circulation system will push the investors to foreign exchanges and cause them to be incompatible with the purpose of the regulation.
5. CMB should not be given unlimited authority to restrict property rights. Uncertainly, the CMB should not unduly interfere with which crypto assets are listed or people’s savings on their assets. The intervention areas of the CMB should be framed with the law.
6. Since the possibility of checking foreign wallets will result in the prevention of crypto investors residing in Turkey from participating in any project abroad, many investors should suffer, so such arrangements should not even be made in question.
7. In the case that only licensed establishments are allowed with the temporary article, a fair regulation should be made in this article as it creates a “closed circuit market” and results in unfair competition for companies that have to wait for secondary regulations during the permitting phase.
8. Since the Regulation on the Non-Use of Cryptocurrencies in Payments, published by the Central Bank on April 16, 2021, is against both the economic development and the existing regulations and the Constitution, instead of this prohibitive approach, an electronic money license system should be introduced for crypto payments in accordance with the European Union MiCA regulation. .
9. In order for the crypto exchanges located in Turkey to compete with the global crypto exchanges, the way for non-resident users to be accepted to the platforms should be paved.
10. The law envisaged to be regulated should be enacted in harmony with other legislation and the decisions of the Constitutional Court.
11. In crypto asset legislation, the opinions of experts from the Crypto Asset Law Draft Platform should be taken and the law should be embodied with a common mind.

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