Regulation
Turkey Brings Cryptocurrency Law to Parliament and Aims to Bring Crypto Licensing to the Country
Türkiye has submitted a legislative proposal aimed at reducing the risks of parties transacting with cryptocurrencies in the country. The proposal was presented to parliament.
The bill, presented by ruling party chairman Abdullah Güler, includes various regulations related to cryptocurrencies and will be implemented by the Capital Markets Board (CMB). This proposal establishes important rules regarding cryptographic service providers and increases the CMB’s oversight of them.
The bill aims to introduce a licensing scheme for crypto companies, which will be managed by the CMB and bring the companies under the regulator’s purview. To protect customers, the scope of inspection of cryptocurrency providers will also be expanded.
Although there are no provisions regarding taxation in the invoice, CMB and TÜBİTAK will obtain certain revenue rates from crypto service providers. CMB and TÜBİTAK will receive 1% of these revenues from crypto service providers. The Türkiye Scientific and Technological Research Institute (TÜBİTAK) is a national agency of the country whose stated objective is to develop “science, technology and innovation” policies, support and conduct research and development.
This bill is expected to increase Turkey’s compliance with international cryptocurrency standards, eliminate criticism from the Financial Action Task Force (FATF), and make the country’s crypto ecosystem more secure.
In March, Economy Minister Mehmet Şimşek shared with the public the government’s efforts to get out of the FATF gray list and said that a delegation will come to Turkey for inspection in April-May and stressed that the gray list will be removed. .
Also in March, the ruling AK Party’s Vice President of Information and Communication Technologies, Ömer İleri, said: “We find it very important to conduct a law firm in the field of crypto assets. This legal regulation is primarily a study that will regulate the platforms, but beyond that, it will be a regulation that will protect our citizens and investors.”
CORRECTION (May 17, 1pm UTC): Removed reference to the bill banning non-local businesses.
UPDATE (May 17, 1.28pm UTC): Replaces “Tables” with “Takes” in the title.