The expected legal regulation for crypto currencies seems to be realized today. AK Party will present the “Proposal on Amendments to the Capital Markets Law”, which regulates the definition and transactions of crypto assets, to the Grand National Assembly of Turkey (TBMM). This development is described as exciting news for cryptocurrency investors and the industry. If the regulation is accepted, it is expected that Turkey will be removed from the gray list of the Special Task Force on Combating Financial Crimes (FATF). Here are the details…
Cryptocurrency regulation is in the Parliament today!
According to various news sources, the crypto law proposal will be presented to the Presidency of the Turkish Grand National Assembly today at 15.30 Türkiye time. So, it looks like the long-awaited legal regulation will take place today. AK Party will present the “Proposal on Amendments to the Capital Markets Law”, which regulates the definition and transactions of crypto assets, to the Grand National Assembly of Turkey (TBMM). This development is described as an important turning point for cryptocurrency investors and the industry.
According to the content of the proposal, crypto assets are defined as “intangible assets that can be created and stored electronically using distributed ledger technology or similar technology, distributed over digital networks, and capable of expressing value or rights.” This definition includes Bitcoin, Ethereum and many other popular cryptocurrencies.
Authority to CMB and other important articles
Meanwhile, the regulation and supervision of the Cryptocurrency market is being transferred to the Capital Markets Board (CMB). Additionally, all transactions occurring on the platforms will be recorded and monitored by MASAK. Besides these, other important items are as follows:
- Definition: Cryptoassets are clearly defined and aligned with international standards.
- Licensing: Platforms that trade cryptocurrencies will have to obtain a license.
- Security: Minimum operating conditions and regulations will be introduced to protect investors.
- Prohibitions: Risky transactions such as leveraged transactions, margin transactions and short selling in crypto assets will be prohibited.
- Investment Consultancy: Investment consultancy and portfolio management will be determined by the CMB with a secondary regulation.
- Insurance: There will be no insurance mechanism for cryptocurrency investments.
- Penalty: Penalties will be imposed on those who provide crypto services without permission.
Another important aspect of the bill is its connection with the Special Task Force on Combating Financial Crimes (FATF) gray list. cryptokoin.com As we reported, Türkiye was placed on the FATF gray list in 2021 due to lack of crypto regulations. The adoption of this bill will be an important step for Turkey to get out of the gray list.
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