A bill regarding the legal status of crypto assets was announced to be presented to the Turkish Grand National Assembly today. AK Party Group Chairman Abdullah Güler recently detailed the “Proposal for Amending the Capital Markets Law.” This proposal is significant as it will define cryptocurrencies for the first time and provide a legal framework for transactions involving these assets. Additionally, this regulation includes one of the final steps necessary for Turkey to exit the international grey list.
Details of the Cryptocurrency Bill
Abdullah Güler’s statements on the matter have just begun. We are now sharing his statements with you in real-time.
- We are paving the way for cryptocurrencies in our country.
- We are also regulating cryptocurrency exchanges.
- Activities of unauthorized operators will be monitored.
- SPK will track unauthorized activities.
- SPK will be authorized for the sale and distribution of cryptocurrencies.
- Cryptocurrency exchanges will apply to SPK within a month.
- Unauthorized operators will face 3-5 years of imprisonment.
- Customers must keep their assets in their own wallets.
- Measures will be taken for unexplained actions and transactions by unauthorized providers.
- Unauthorized providers and individuals will face 3-5 years of imprisonment. Existing exchanges must obtain a license within a month. Additionally, exchanges providing services abroad will no longer be able to operate.
Why is Legalizing Cryptocurrencies Important?
A legal framework for cryptocurrencies ensures the safety of investors and consumers by regulating the use of new crypto assets. These regulations offer effective oversight mechanisms to combat fraud and other abuses, enhancing market reliability. Additionally, including cryptocurrencies in tax legislation helps prevent tax evasion and broadens the tax base.
Secondly, granting legal status to cryptocurrencies supports integration with the financial system and the contribution of innovative technologies to economic growth. A legal framework facilitates banks and other financial institutions in working with crypto assets, thereby increasing access to financial services. It also promotes the use of Blockchain technology, helping to create a more transparent and reliable financial infrastructure. This encourages innovation and supports economic growth.
