The long-awaited draft cryptocurrency law was officially submitted to the Grand National Assembly of Turkey (TBMM) by the AK Party. The draft consists of 19 articles and includes important articles to regulate the cryptocurrency market.
Important Details of the Draft Law
AK Party Group Chairman Abdullah Güler stated that crypto asset service providers must obtain a license from the Capital Markets Board (CMB). He also stated that the sales and distribution of crypto assets will be managed by the CMB and the procedures and principles for investment consultancy will be determined.
TUBITAK’s Role and License Process
It was announced that TÜBİTAK will work on technological infrastructure and that these institutions will receive a one percent service fee. Güler said that existing crypto asset service providers have been given one month to obtain a license, and those who do not obtain a license must terminate their activities within three months.
Regulations for Foreign Crypto Exchanges
The use of foreign crypto exchanges will also be terminated. This law is considered as a big step towards regulating the cryptocurrency market in Turkey.