The regulation process in the cryptocurrency market continues to be on the agenda in many countries. Recently, the regulation process discussed in our country is being followed by everyone, especially investors. According to the developments, the law proposal containing regulations on crypto assets will address transparency in transfers handled by crypto exchanges operating in our country.
What Does the Law Proposal Include?
According to the draft law discussed in our country, transparency will be addressed in transfers made on licensed crypto exchanges, and measures such as blocking access to websites or removing content for unlicensed exchanges will be taken quickly. These steps aim to protect investors.
In the TBMM Plan and Budget Commission, the information included in the Law Proposal on Amending the Capital Markets Law, which will be discussed today, aims to address the regulation process for the crypto asset ecosystem in our country and to audit the ecosystem to protect investors’ rights.
The said law proposal will be completed through a process similar to the one previously made for leveraged trading transactions. It was noted that the authority to regulate and supervise Forex transactions was given to the Capital Markets Board (SPK) in 2011, and the main policy was to regulate a product that investors showed interest in.
Details of the Process
According to the law proposal, the regulation will not bring a direct financial burden to the central government budget, but since a new area will be added to the institutions and markets under SPK supervision, a significant need for personnel, especially IT specialists, will arise. This process will inevitably have a financial impact.
In the licensing process for crypto exchanges, an authorization certificate fee will be charged from the applicant companies, but it was also stated that the main purpose here is not to generate income. For 2024, the authorization certificate fee collected from intermediary institutions was determined to be 749,533 lira.
With the said regulation, it is foreseen that initially, 10 to 20 platforms will be authorized, and additionally, 5 to 10 banks will receive custody licenses. As a result, with the issuance of activity fees to companies in this process, it is expected that a public revenue ranging from 11,243,000 to 22,486,000 lira will be obtained in the first stage.
