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The bill on crypto services, which has been in the preparation phase for about three years and which the Turkish crypto ecosystem has been eagerly awaiting, was presented to the Turkish Grand National Assembly last week. This development had a great impact in both the national public and international crypto communities and accelerated the expansion plans of global crypto asset platforms in Turkey. In my CoinDesk Türkiye article dated February 5, 2024, I shared my predictions about what we should expect from the crypto law.
In this month's article, I will examine the concrete effects that will arise if the bill becomes law in its current form. In my opinion, this proposal submitted to the Parliament is a positive step for the Turkish crypto sector and investors in terms of the provisions it contains. You can find the details below.
Crypto Asset Service Providers
In my article in February, I predicted that the law would create the concept of two main types of crypto asset service providers: “crypto asset trading platforms” and “crypto asset custody service providers”. Indeed, the proposal defines entities that provide trading, initial sale, distribution, clearing, transfer, custody and all other related services regarding crypto assets as may be determined by future secondary regulations as “crypto asset service providers”.
A more flexible approach has been adopted than the European Union's crypto regulation, MiCA. Crypto asset service types are limited in MiCA, and crypto asset services and organizations that are not covered by a license in the current version of the proposal may be included within the scope of license liability with the regulations to be made by the Capital Markets Board in the future. This shows that the bill is structured in a modular way that can be updated as technology and service types evolve. Although this situation is beneficial for the public to implement its policies, it may also have a restrictive effect on innovation areas.
Certain standards and conditions will be required in the establishment and activities of crypto asset service providers on issues such as equity capital, protection of user funds, corporate governance, internal audit, risk management, business continuity and security of information systems. In addition, the founding and qualified shareholders and management staff of these organizations will be required to have certain financial and professional qualifications and not be convicted of certain crimes.
Crypto Asset First Sale
The proposal gives exclusive regulatory authority for the initial sale of crypto assets to the Capital Markets Board (CMB). CMB will establish the listing procedure for the crypto assets where the platforms will make the first sale, and will determine the procedures and principles for the companies making the first sale and the process. Thus, regulations can be made on issues such as technical qualifications, information about the selling party, the rights that the crypto asset can carry and the amount of supply. These regulations will provide investor protection for crypto assets that will be first sold or listed in Turkey.
Issuance of Capital Market Instruments as 'Crypto Asset'
The proposal allows capital market instruments to be issued as 'crypto assets' and monitored using distributed ledger technologies, as an alternative to the registered monitoring of capital market instruments at the Central Registry Agency. Thus, traditional investment instruments such as stocks, government bonds and commodity futures contracts can be tokenized and issued on the blockchain.
Compliance Regulations
In the proposal, it is stated that contracts between crypto asset service providers and their customers can be established remotely, using remote communication tools or with identity verification via an electronic communication device. In addition, the Financial Crimes Investigation Board has been given the authority to make regulations regarding the declaration of necessary information about the sender and receiver in crypto asset transfers. In this regard, it is expected that the identity of the recipient wallet owner will be declared in crypto asset transfers and controls will be implemented during compliance processes. This will prevent financial crimes and money laundering activities.
CMB and TÜBİTAK Tax
The proposal regulates crypto asset service providers to pay 1% of “all their income, excluding interest income from the previous year”, to the CMB and 1% to TÜBİTAK every year. This regulation was introduced to meet the need for public institutions to acquire additional human resources and technical capabilities in the crypto asset sector.
Taxation of Users
There are no legal changes in the proposal in terms of users' trading transactions or the profits they earn from these transactions. However, after the proposal becomes law, it is possible that the Revenue Administration will regulate the tax laws with notifications and circulars regarding crypto assets.
Transition Period
In the bill proposal, a more flexible transition period is envisaged compared to previous financial services regulations. Crypto asset service providers that are active at the time of the entry into force of the law and those who will start new activities will be able to start their activities before the secondary regulations to be issued by the CMB come into force and undertake to comply with these regulations. Therefore, it is still possible for startups that want to provide crypto asset services by obtaining a license in Turkey to take action within a short time frame.
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