AK Party Group Chairman Abdullah Güler, crypto- He shared the details of the bill proposal, which includes regulations regarding assets, with the public. The proposal, consisting of 19 articles, was submitted to the Presidency of the Turkish Grand National Assembly. Güler stated that these new regulations aim to create a more secure and stable environment in the crypto asset ecosystem.
The highlights of Güler’s statements are as follows: The bill includes definitions of concepts such as wallet, crypto asset service provider and platform in the crypto asset ecosystem. Crypto asset service providers will receive permission from the CMB (Capital Markets Board) to begin operations. Information systems and technology infrastructures TÜBİTAK will be determined by. The sale and distribution of crypto assets will be regulated by the CMB and a preliminary report will be received from TÜBİTAK for the issuance of crypto assets.
Various measures are envisaged for actions that will disrupt the trust, openness and stability of transactions carried out on the platforms. Procedures and principles regarding investment consultancy for crypto assets will be determined by the CMB. Institutions operating without permission will be under the jurisdiction of the CMB. The distinction between domestic and foreign activities in unauthorized activities will be abolished and effectiveness against illegal activities will be increased. In this context, unauthorized crypto activities are subject to a prison sentence of 3 to 5 years.
A transition period has also been arranged for currently operating institutions. These institutions will start their meetings within 1 month or decide on liquidation within 3 months. operating abroad crypto exchangesThe use of will be terminated.
Güler emphasized that the new regulations aim to ensure trust and stability in the crypto asset ecosystem. He also stated that important steps have been taken to protect investors in the crypto asset market and increase confidence in the market. He pointed out that these regulations will ensure that the activities in the sector are carried out in a more transparent and reliable manner.
As a result, this bill submitted to the Turkish Grand National Assembly is considered an important step in terms of regulation and supervision of the crypto asset market in Turkey. It is of great importance to implement such regulations for the healthy growth and development of the crypto asset ecosystem.
You can access the entire bill submitted by the AK Party by clicking here.