A bill concerning the legal status of digital assets was announced to be presented to the Turkish Grand National Assembly today. Abdullah Güler, the Chairman of the AK Party Group, recently provided details on the “Proposal for Amending the Capital Markets Law.” This proposal is of great significance as it will establish the definition of cryptocurrencies for the first time and establish a legal framework for transactions involving these assets. Moreover, this regulation marks one of the final steps needed for Turkey to be removed from the international grey list.
Cryptocurrency Bill Details
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We are paving the way for the adoption of cryptocurrencies in our nation. We are also regulating cryptocurrency exchanges.
Activities conducted by unauthorized operators will be monitored.
The Capital Markets Board (SPK) will oversee unauthorized activities.
The SPK will be granted the authority to sell and distribute cryptocurrencies.
Cryptocurrency exchanges will need to apply to the SPK within a month.
Unauthorized operators will face imprisonment for a period of 3-5 years.
Customers are required to store their assets in their own wallets.
Measures will be implemented to address unexplained actions and transactions by unauthorized providers.
Unauthorized providers and individuals will face imprisonment for a period of 3-5 years. Existing exchanges must obtain a license within a month. Furthermore, exchanges offering services abroad will no longer be permitted to operate.
The Importance of Legalizing Cryptocurrencies
Establishing a legal framework for cryptocurrencies ensures the security of investors and consumers by regulating the usage of these new digital assets. These regulations provide effective oversight mechanisms to combat fraud and other forms of abuse, thereby enhancing the reliability of the market. Additionally, including cryptocurrencies in tax legislation helps prevent tax evasion and expands the tax base.
Furthermore, granting legal status to cryptocurrencies supports their integration with the financial system and the contribution of innovative technologies to economic growth. A legal framework facilitates collaboration between banks and other financial institutions in dealing with digital assets, thereby increasing access to financial services. It also encourages the utilization of Blockchain technology, which helps establish a more transparent and trustworthy financial infrastructure. This fosters innovation and bolsters economic growth.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors need to be aware of the high volatility and associated risks of cryptocurrencies, and should conduct their own research.
