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Turkey crypto bill will be presented to the Grand National Assembly of Turkey in October

The country’s Ministry of Treasury and Finance recently announced the completion of a draft bill that will establish the legal framework for crypto assets.

Istanbul, Turkey / Image by: Wikimedia Commons

Tue, 20 Jul 2021, 07:01 am UTC

Regulatory certainty will soon be coming to Turkey’s crypto industry. The country’s Ministry of Treasury and Finance recently announced the completion of a draft bill that will establish the legal framework for crypto assets.

Deputy Minister Şakir Ercan Gül said that the crypto bill will soon be presented to The Grand National Assembly of Turkey, according to Cointelegraph. The draft bill is expected to be up for discussion by the unicameral Turkish legislature this October, which is the start of the next legislative year.

The Minister said that the crypto bill aims to prevent the use of digital currencies for money laundering, provide retail investor protection, and enhance supervision for crypto platforms. Considering that the country uses a free-floating exchange regime where the lira’s value is determined by the forex market, Gül highlighted the need for Turkey to have a similar but stricter regulation for crypto assets compared to the U.S. or Western Europe.

The proposed crypto bill aims to clearly define the different types of crypto assets. In addition, it covers issues related to the distribution and issuance of crypto assets, policies on crypto trading, and custodial services guidelines.

Oversight of crypto asset firms will be done by the Turkish Capital Markets Board (SPK). Meanwhile, the auditing of industry players will be handled by the Banking Regulation and Supervision Agency (BDDK), which will also be tasked at coming up with a mechanism for consumer protection and maintain market integrity.

Crypto businesses will also need to meet minimum capital requirements under the proposed crypto bill. The legal draft will also introduce protective measures which include collateralizing and security clearance, among others.

Earlier this year, the Ministry of Treasury and Finance said that it was coordinating with regulators, the central bank, SPK, and BDDK in the preparation of Turkey’s crypto legal framework. As part of their preparations, the central bank banned the use of cryptocurrencies as a payment method in April.

“Crypto-assets cannot be used directly or indirectly for payments,” Turkey’s central bank said. “No service can be provided for direct or indirect use of crypto assets in payments.”

It also barred payment companies from providing deposit or withdrawal services for exchanges. “Payment and electronic money institutions cannot mediate on platforms offering trading, custody, transfer or issuance services regarding crypto assets or fund transfers from these platforms,” the central bank added.

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