Türkiye will reach an attractive and strong position in the crypto field
He evaluated the new crypto regulations enacted in our country. He found the regulations positive and said that it is now possible for Turkey to have a safer and more attractive crypto market.
It continues to receive the opinions of industry stakeholders about the crypto regulations enacted in Turkey. Thanks to the new rules, a safer environment has been created for both corporate companies and individuals.
“CMB will play a critical role”
The enactment of regulations is especially important in terms of market security, CMB supervision and thus investors should be enabled to make more informed decisions.
“The law regarding crypto assets in Turkey, approved by the Turkish Grand National Assembly and becoming law, is an important turning point for the cryptocurrency ecosystem. These amendments to the Capital Markets Law aim to increase security in the sector by introducing various definitions and regulations. The new law defines the functions of crypto asset service provider platforms and custody institutions and requires them to obtain permission from the Capital Markets Board (CMB). This regulation requires all actors operating in the sector to comply with certain standards, thus ensuring market security. In particular, internal control systems for service providers and the obligation to comply with TUBITAK criteria are among the important steps that will increase the confidence of investors. CMB's control over platform transactions will play a critical role in ensuring market order. This regulation also stipulates that investor consultancy and portfolio management principles will be determined by the CMB. The regulations regarding advertisements and announcements will help investors make more informed decisions with more accurate guidance. Imprisonment penalties for unauthorized activities are among the serious measures aimed at increasing order and security in the sector. This law will strengthen confidence in cryptocurrencies, encourage wider audiences to enter this field, and make Turkey an exemplary model internationally in the field of cryptocurrencies. In summary, this new law aims to create a safer, more orderly and transparent market structure in Turkey's cryptocurrency ecosystem. “It will make significant contributions to the growth and development of the sector by increasing investor confidence.”
“As trust increases, adaptation will also increase.”
The new regulations will not only increase confidence in the sector, but will also take Turkey to a higher level in terms of transparency and accountability, and will also have a positive impact on adaptation.
“I think that the cryptocurrency law in Turkey will make significant contributions to the adaptation process. New regulations increase security and order in the crypto asset market, creating a more protected environment for individual investors. This safe environment can increase investors' interest and confidence in cryptocurrencies, thus enabling wider participation in the market. In addition, these regulations will contribute to the formation of certain standards and norms in the industry by defining the activities of crypto asset service providers and custody institutions. The audit and permit mechanism of the Capital Markets Board (CMB) will increase transparency and accountability in the sector. From a global perspective, these steps by Turkey will be welcomed by the international cryptocurrency and blockchain community. These regulations, which are indicators that Turkey is pursuing a serious and progressive policy in the field of crypto money, will make Turkey more attractive for international investors and collaborations. Being removed from the Financial Action Task Force (FATF) gray list also reinforces Turkey's credibility in the international arena. “As a result, these new regulations will accelerate Turkey's cryptocurrency adaptation process and make the country a more attractive and reliable crypto center for both local and international investors.”
“MiCA alone is not enough for Turkey”
New additions to the regulations may be made in the future. Although the MiCA example has its positive aspects, it is not fully applicable to Turkey and different steps should be taken.
“With the additions to this law in the coming years, I expect our country's cryptocurrency ecosystem to become more innovative and more supportive of entrepreneurs and investors. Although Europe's MiCA regulation is impressive, it has some shortcomings and aspects that do not fully suit our country's needs. We can take the good aspects from MiCA, but we need to take more pioneering and innovative steps for Turkey to remain an important part of the cryptocurrency ecosystem and move forward. In this context, it is important to transform the legal framework into a structure that further supports Web3 entrepreneurs and the ecosystem and encourages innovative solutions.
“Türkiye can now cooperate on a global scale”
By further developing these regulations in the future and providing a safe environment for institutional investors as well as individual investors, Turkey may have a more attractive position in the international cryptocurrency market.
“While evaluating Turkey's future in the field of crypto money, I think that current and expected regulations will make significant contributions to the ecosystem. The law aims to protect investors and ensure market stability. It aims to create a safe transaction environment, especially by regulating the activities of service providers and custody institutions. Current regulations can increase interest and investment in the market by providing a safer and more regulated environment for both individual and institutional investors. For global stakeholders, these steps by Turkey will show that the country is pursuing a serious and progressive policy in the field of crypto money and blockchain. These developments can make Turkey more attractive in the international cryptocurrency market and increase global cooperation. I expect that with the additions to be made to the law in the coming years, our country's cryptocurrency ecosystem will have a structure that is more innovative and supportive of entrepreneurs. “These steps can make Turkey a more attractive and reliable crypto center for both local and global investors.”
