Turkey's Cryptocurrency Law Has Emerged!

Turkey's cryptocurrency law has emerged! Here are the 11 important items that will be included in the crypto law of the country.

The Turkish cryptocurrency market was eagerly awaiting the cryptocurrency regulation mentioned by President Recep Tayyip Erdogan. The scope of the regulation and whether crypto investors will come to the forefront with the bans like in China or the way it will frame the market and protect the investor was wondered. According to some claims circulating on social media, there is a draft. Lawyer Sima Baktas offered some information by claiming that she saw the draft arrangement in her post on Twitter.

What Does the Cryptocurrency Regulation Include?

According to the post of lawyer Sima Baktas, the definition of "Cryptocurrency Providers" is first made and it is stated that these institutions have to obtain permission from the CMB. In addition, which cryptocurrencies will be listed or delisted will be subject to the control of the CMB. Banks are also entering the cryptocurrency market, allowing banks to provide “cryptocurrency custody services”. However, in parallel with the Banking Law, the crime of "acting without permission" is regulated, and prison and fines are foreseen for this crime. Articles of the regulation claimed by lawyer Sima Baktas include the following:

1. Cryptocurrency Providers have to get permission from CMB
2. Which cryptocurrencies will be listed or delisted will be under the control of the CMB.
3. Banks will provide crypto money custody services.
4. Imprisonment and fine for unauthorized activity
5. Foreign Exchanges must also obtain permission for their activities (this article may have been removed)
6. Personal responsibility of Cryptocurrency Service Provider Board and Founders (such as the regulation to which banks are subject)
7. Personal liability of the BoD based on fault in cyber attack damages+
8. Authority to set collateral and limit in cryptocurrency transactions
9. Giving a share of the annual income in addition to the Commission income received.
10. Special investigation procedures for those responsible
11. There are general regulations such as the requirement to comply with the advertising regulation.

In addition, sharing her views on the aforementioned draft, Lawyer Sima Baktas stated that some articles are problematic and that if they are enacted in this way, it may mean a violation of the Right to Property and Freedom of Contract regulated in the Constitution. However, it is too early to comment on this, as the existence of the draft in question has not been confirmed yet.