The Grand National Assembly of Türkiye (TBMM) has been working on a comprehensive change regarding cryptocurrency for a long time. The 19-article proposal was finally submitted to the Presidency of the Turkish Grand National Assembly. Details on the subject have emerged. What will change in crypto assets that CMB and TÜBİTAK will be authorized?
Cryptocurrency law brings regulation to digital assets
According to Abdullah Güler’s statement, a legal definition will be introduced to the concept of crypto assets with the proposal. In this context, crypto assets will be called “assets created using distributed ledger technology or similar methods and distributed over digital networks, expressing value and stored in a virtual environment.”
It will be mandatory for institutions that will operate in crypto money and digital investment transactions to obtain permission. The Capital Markets Board (CMB) will be authorized to supervise the activities of these institutions. CMB will also be authorized to determine the procedures and principles regarding opening institutions with digital assets, buying and selling on platforms, clearing and custody services.
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In addition, the control of their systems and technological infrastructures will be entrusted to TÜBİTAK. For new issuances, it will be mandatory to obtain a report from TÜBİTAK.
With the proposal, a transition period will be given to existing operating institutions. However, sanctions against those who engage in unauthorized activities will increase. According to the proposal, unauthorized activity can be punished with 3-5 years in prison. Additionally, crypto exchanges that do not receive permission from the CMB will be prohibited from using them in the country.
So what do you think about the cryptocurrency law? Do you think it is right for cryptocurrencies to be put under surveillance? We welcome your opinions in the comments.