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Around the world, many countries are working to establish a legal framework for cryptocurrencies. Turkey is also making efforts in this area, and the regulation expected to arrive in 2021 has been significantly delayed. However, it is necessary to avoid further delays in order to get off the FATF grey list. Indeed, Minister Mehmet Şimşek has also made statements to this effect.
Cryptocurrency Law
Minister Şimşek repeatedly said that the law would reach the Grand National Assembly of Turkey (TBMM) before the end of January, but as of February 21, no draft has been submitted to the commission. However, there are some developments confirming that the draft is in its final stages.
Ömer İleri, Deputy Chairman of the Justice and Development Party (AK Party), told CoinDesk in an interview that work on the regulation is ongoing and that the priority is given to investor protection. He emphasized that the focus is on rules that will support innovation.
“Our goal is to ensure the safety of the citizens, protect investors, regulate platforms, and at the same time, present a bill that opens the way for innovation”.
Ömer İleri, responsible for Information and Communication Technologies in the AK Party, met with legal experts and representatives from the cryptocurrency ecosystem. According to İleri, Turkey has significant future plans for various technology fields such as blockchain and artificial intelligence.
“Today’s meeting was really very beneficial in this sense. Industry representatives shared their thoughts on the situation assessment. They expressed their opinions about what should be included in the draft. Honestly, we see that we all have similar thoughts during this process”.
Rumors and the Draft Bill
There is something that few have seen and is rumored to be a draft leak. Well-known figures in the industry have revealed parts of this draft. Generally, the draft, which increases the responsibilities of exchanges and the burden on senior executives against risks, does not concern investors initially. Issues of interest like taxation are expected to be legalized in subsequent regulations.
Since 2021, there have been talks about local exchanges requesting to block the operation of global exchanges in Turkey. For now, there is nothing in the draft (according to rumors) about blocking global exchanges that have opened companies in Turkey. Therefore, it’s time to set aside the rumors and see the draft presented to the parliament. At least, it’s time to put aside the rumors that have been discussed for nearly three months and see the reality.
