AK Party Deputy Chairman Ömer İleri provided information about the draft legislation related to crypto assets, which is planned to be submitted to the Parliament after the March 31 Local Administrations General Elections. İleri emphasized that the AK Party’s priority given to Blockchain technologies is also included in the Medium-Term Program and the 2023 General Election Declaration.
A Crypto Law in Line with Public Sensitivity
Crypto assets’ importance is underscored by İleri, who emphasizes ongoing efforts to create a crucial legal framework for Turkey’s advancement in this field. İleri points out the necessity of a regulation that matches public sensitivity, noting that approximately 10 million Turkish citizens have crypto asset accounts.
İleri explained the main goal of the upcoming regulation as creating a legal framework while protecting citizens and investors. He details a multifaceted approach aimed at balancing Turkey’s progress in this field with robust protective measures. İleri’s emphasis is as follows:
“As the AK Party, we have been closely following blockchain technologies for some time. Remember, we had events like ‘Forum Metaverse‘ and ‘Blockchain Istanbul’. Our President also participated in these events. These were the first events where a state leader showed participation in this field. It is an area we consider important for the future of Turkey. At this point, being aware of the importance of this field, we are conducting significant work to protect our citizens and open the way for the sector. It is becoming a really comprehensive legislative proposal. While there is no federal-level regulation in the crypto field in the USA, the European Union has a regulation called ‘MiCA’, which is in the stage of agreement between the Council and the Parliament and will come into effect as of December 2024. We are striving to make Turkey one of the leading countries in the world in this field.”
“We are creating a flexible infrastructure,” says İleri, intending to define fundamental concepts and provide a framework for regulating platforms and service providers. İleri, who consults with stakeholders and considers their feedback, expects the regulation to be addressed after the elections.
Emphasis on Innovative Solutions
Describing the regulation as innovative, İleri highlights the significant support from stakeholders while facilitating sectoral progress. He also addresses past misunderstandings in the industry, noting that comprehensive participation and a unity of interests have been achieved in preparing the proposal.
İleri also touches on concerns related to investor security, stating that security’s essence includes informed decision-making, reliable infrastructure, and protection against risks. He underscores the delicate balance between protecting investments, reducing risks, and encouraging sectoral growth.
Finally, İleri comments on how the security of those who own crypto currencies will be ensured:
“The concept of security is related to being correctly informed when you start receiving services from a platform, the platform having the appropriate infrastructure, and being reliable. In this way, you do not encounter risks that you would not want to face under normal conditions through these platforms. Essentially, this is a general definition of security. It is important to protect the investor and citizen from being misled within a framework of fairness, to secure their investments, to prevent the activities of malicious individuals, and at the same time, to ensure the development of the sector. However, resolving this dilemma is always a fundamental challenge. But here, we see a balanced approach being adopted.”
