What Does The New Cryptocurrency Law Submitted To The Parliament Include?

The long-awaited cryptocurrency bill has finally reached the Parliament. Here are some key highlights from the bill...

The long-awaited cryptocurrency asset bill has finally arrived in the Turkish Grand National Assembly, after months of anticipation by investors. During a press conference held at 15:30, AK Party Group Chairman Abdullah Güler and AK Party Vice President Ömer İleri shared detailed information about the bill. Here are the highlights from the press conference:

1. We prepared this proposal to reduce risks in crypto transactions, similar to international practices.
2. We define elements such as wallets and custody service providers in the crypto ecosystem.
3. These elements are required to obtain permission from the Capital Markets Board to operate.
4. Crypto service providers are responsible for ensuring necessary security measures while operating in our country. TÜBİTAK will conduct studies in this area.
5. Rules regarding the sale and distribution of crypto assets produced on blockchains can be determined by the Capital Markets Board.
6. We are paving the way for our country to take a leading role in the blockchain ecosystem with this proposal.
7. We anticipate that crypto service providers will establish communication and identity verification with their customers.
8. Any contract terms that are against the interests of customers are deemed invalid. Mechanisms will be established to resolve customer issues.
9. Measures will be taken against actions that disrupt the trust, transparency, and stability of transactions on platforms.
10. Customers' assets will not be subject to seizure due to the debts of crypto service providers, nor will service providers' assets be seized due to customer debts.
11. Procedures for providing investment consultancy and portfolio management for crypto assets will be regulated by the Capital Markets Board.
12. The Capital Markets Board will be responsible for taking all necessary measures and legal proceedings against unauthorized entities and individuals.
13. There will be no distinction between domestic and international unauthorized capital market activities conducted via the internet.
14. Unauthorized service providers will be subject to separate criminal penalties. According to Güler, the penalty for this offense will be imprisonment for a term of 3 to 5 years.
15. Service providers operating in Turkey must apply to the Capital Markets Board within 1 month.
16. The deadline for non-compliant crypto service providers to cease operations in our country is 3 months.
17. Restrictions will be imposed on service providers operating abroad due to the impossibility of full supervision.
18. Customers must keep their crypto assets in their own wallets; otherwise, any loss of rights will be the responsibility of the investor.
19. According to the announcement, storing crypto assets through third parties reduces the risk of abuse. Custody services for crypto assets will be provided by authorized institutions in accordance with SPK regulations.
20. Güler stated that they aim to create a secure system similar to traditional finance.