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With the regulation on crypto assets that it will submit to the Parliament this week, the AK Party aims to include the platforms where crypto assets are traded within the scope of the Capital Markets Board (CMB) regulation and supervision. With the work carried out under the chairmanship of AK Party Group Chairman Abdullah Güler, the preparations on the bill containing regulations regarding crypto assets were completed. The proposal is planned to be submitted to the Speaker of the Turkish Grand National Assembly within the week.
The new proposal aims to reduce the risks of parties transacting with crypto assets in Turkey, similar to international practices. The regulation, which will define crypto assets in a broad sense, aims to license the platforms on which they are traded by the CMB and to include them within the scope of CMB regulation and control.
The proposal will include the storage of cash and crypto assets held on behalf of customers on the platforms, the relations between platforms and customers, and the sanctions and penalties to be applied. The criteria regarding the operating principles of the platforms will be determined by the secondary regulation.
The bill will include provisions authorizing the CMB to authorize people who develop block-chain and similar technologies to sell or distribute crypto assets whose value cannot be separated from these technologies and to impose a permit requirement. The regulation aims to involve the Scientific and Technological Research Council of Turkey (TÜBİTAK) in this process, thus encouraging the development of software architecture and related technological tools for creating block-chain.
With the enactment of the regulation on crypto assets and the start of licensing of crypto asset service providers, it is envisaged that the criticisms brought within the scope of the Financial Action Task Force (FATF) technical standard No. 15 will be eliminated and Turkey will leave the “partially compliant” category.
*Not investment advice