The crypto bill, which has been working on for a while in Turkey, has come to an end. The bill is expected to be presented to parliament this week.
Minister of Treasury and Finance Mehmet Şimşek made a statement on the subject earlier this year and stated that technical studies on crypto trading in Turkey have entered the final stage and that comprehensive studies have been carried out to bring a standard to the sector. In recent developments, it has been reported that the crypto draft will take its place on the parliamentary agenda this week after its completion.
The crypto market is expected to be brought under the supervision of the CMB
With the prepared crypto draft, it is planned to create a regulatory framework in this field in Turkey. Domestic and foreign cryptocurrency platforms operating in Turkey have also accelerated their activities to comply with the law, which has been working on for a while. In this context, it seems likely that crypto platforms will receive a license from the Capital Markets Board and the audit of these companies will be carried out by the CMB.
In this context, CMB will supervise the crypto assets and cash amounts held on behalf of users on crypto platforms and control the capital adequacy status to be determined for companies. The regulatory body is also expected to have the authority to impose sanctions and fines if possible contrary activities of crypto companies are detected.
In addition, according to the information provided so far, it is known that the CMB will also have authority over the sale and distribution of crypto assets.
A requirement for Turkey to leave the gray list
Work on the draft crypto law in Turkey is of critical importance for the country to be removed from the gray list.
In his previous statements, Minister of Treasury and Finance Mehmet Şimşek emphasized that after Turkey was included in the gray list by the Financial Action Task Force (FATF), it was extremely important to enact the crypto law in order to get out of this list.
Currently, there are minimal regulations for the crypto market in Turkey. The most prominent regulation among these was the CBRT's ban on the use of cryptocurrencies as a means of payment. On the other hand, the Financial Crimes Investigation Board (MASAK) requires customer identification (KYC) application for crypto platforms operating in the country within the scope of preventing money laundering and financing of terrorism.
Turkey is an important market as one of the countries with the highest cryptocurrency transaction volume in the world. The emergence of details about the crypto bill, which is expected to be on the parliamentary agenda this week, and its passage into law may also have a significant impact on the sector.
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