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Turkey, which has one of the largest investor communities in the world, occupies a very important place in the ecosystem. It is thought to have at least 5 million investors, and even local exchanges alone generate a cumulative volume of over 14 billion TL. Therefore, the expected cryptocurrency regulation is critical not only for Turkey but also for the global crypto ecosystem.
Will Turkey Ban Cryptocurrencies?
What worries cryptocurrency investors is the possibility of the draft regulation, expected before the end of January, bringing bans on crypto. However, it is said that the draft, allegedly seen by well-known figures in the ecosystem, does not contain strict bans. We had already shared the latest rumors with you.
Now, some information obtained by Yücel Kayaoğlu from Türkiye Gazetesi has emerged. In the regulation, which the Ministry of Treasury and Finance is finalizing, cryptocurrencies are defined as “intangible assets that can represent value or rights.”
Cryptocurrency exchanges and custodial service providers are also defined in the draft. It is already being discussed that institutions like Akbank and Garanti Bankası are working on purchase, sale, and custody services.
What Does the Regulation Aim For?
As we have long expressed, Turkey is striving to get off the grey list concerning money laundering. This regulation, which aims to fulfill FATF requirements, brings measures and certain obligations against misuse.
According to Yücel Kayaoğlu, exchange operation permits will be given by the Capital Markets Board (SPK). Additionally, a portion of the exchange’s revenue will be shared with the SPK. Exchanges that are found to be financially weak will have to cease operations, just like banks. This detail is very important and in favor of investors because it doesn’t mean we won’t encounter cases like Thodex in the future. Exchanges that harm their investors and experience prolonged disparities between global and local rates (due to suspending withdrawals) will face difficulties.
If exchanges take steps that put their customers at risk, officials could face up to 20 years in prison. MASAK will now be able to seize accounts of exchanges involved in crime more easily. Previously, Mehmet Şimşek had stated in February that Turkey could get off the FATF grey list, which means the rules could become law before the end of January.
For now, the most tangible positive step was the appointment of crypto-friendly member Prof. Dr. Fatma Özkul to the Central Bank of the Republic of Turkey (TCMB). When the draft is fully revealed, we will see other concrete steps.
The tax issue is of curiosity, according to those who claim to have seen the draft (or what is claimed to be the real draft), the tax issue is not being addressed at this stage, and it is indicated that it will be dealt with after the elections.
