New Bill to Set Up Legal Framework For Turkish Crypto Sphere Ready For Parliament

By Katelyn James | July 20, 2021

The Turkish Ministry of Treasury and Finance reportedly revealed that a draft bill looking to form a legal framework dedicated to the local crypto scene is ready for parliament. 

Specifically, Deputy Minister Şakir Ercan Gül reportedly disclosed that the crypto bill would be introduced to The Grand National Assembly of Turkey, the unicameral Turkish legislature, when the next legislative year begins this October. 

Taking into account that is employing a free-floating exchange regime – particularly the forex market is responsible for determining the lira value – Gül reportedly claimed that legislation of the same nature currently employed by Western Europe or the US, but stricter, is required for regulating the crypto sphere in the nation. 

He further shared that the completed draft has a primary goal of offering protections for retail investors, preventing money laundering as well as adding extra supervision surrounding crypto exchange entities. 

The upcoming bill is reportedly going to bring definition to a wide range of virtual assets, together with appointing the issuance and distribution of crypto assets, trading policies and the conditions of crypto custodial services. 

The Turkish Capital Markets Board (SPK) is reportedly tasked with keeping a watch on crypto asset firms, while the Banking Regulation and Supervision Agency (BDDK) will take care of the auditing for companies in the crypto sphere. BDDK will also come up with mechanisms that offer protection for the consumer and market integrity. 

The legal draft further set minimum capital requirements on crypto entities, which will come with a period for adapting for preparation. The new legal framework would form numerous protection measures, nominally security clearance and collateralizing.

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