Turkey‘s cryptocurrency bill has been approved by the Commission in the Turkish Grand National Assembly and will be discussed in the General Assembly in the coming weeks.
According to NTV, the Bill on Amendments to the Capital Markets Law, which includes regulations on crypto assets, was accepted by the Planning and Budget Commission.
The proposal, under study for a long time, includes provisions for cryptocurrencies, service providers, and customer protection against potential risks.
AK Party Group Chairman Abdullah Güler outlined the details of the draft law at a recent press conference in the Turkish Grand National Assembly.
The draft law defines concepts such as wallets, crypto asset service providers, and platforms within the crypto asset ecosystem.
Foreign cryptocurrency exchanges are also addressed in the bill. Güler stated that foreign exchanges operating abroad must establish a company in Turkey and meet the necessary conditions to obtain a license from the Capital Markets Board (CMB).
Güler emphasized that the CMB will oversee cryptocurrency exchanges’ activities. The bill stipulates that providing crypto asset services without permission will be considered a crime under the Turkish Penal Code, punishable by 3 to 5 years of imprisonment.
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