The regulation of the cryptocurrency market remains a key topic in many nations. Recently, the regulation efforts in our country have been closely watched, particularly by investors. The proposed legislation regarding crypto assets focuses on ensuring transparency in transfers conducted by crypto exchanges operating within our borders.

What Does the Proposed Law Include?

The draft law under discussion emphasizes transparency in transactions made through licensed crypto exchanges. It also includes swift measures to block access to or remove content from unlicensed exchanges. These steps aim to safeguard investors. For the latest updates on financial and business news, visit COINTURK FINANCE.

The information presented to the TBMM Plan and Budget Commission highlights the Law Proposal on Amending the Capital Markets Law, set to be discussed today. This proposal aims to regulate the crypto asset ecosystem in our country, ensuring proper oversight to protect investors’ rights.

The proposed law will follow a similar process to the one previously established for leveraged trading transactions. In 2011, the Capital Markets Board (SPK) was given the authority to regulate and supervise Forex transactions, reflecting a policy to oversee popular investment products.

Details of the Regulation Process

The new regulation is not expected to impose a direct financial burden on the central government budget. However, it will expand the areas under SPK's supervision, necessitating a significant number of new personnel, particularly IT specialists, which will have financial implications.

During the licensing process for crypto exchanges, an authorization certificate fee will be charged to applying companies. The primary goal is not revenue generation. For 2024, the authorization certificate fee for intermediary institutions is set at 749,533 lira.

Initially, it is anticipated that 10 to 20 platforms will be authorized, and 5 to 10 banks will receive custody licenses. This process, involving the collection of activity fees from companies, is expected to generate public revenue between 11,243,000 and 22,486,000 lira in the initial phase.

In conclusion, the proposed regulations aim to bring transparency and safety to the cryptocurrency market, protecting investors while ensuring proper oversight and governance. The anticipated financial and administrative impacts reflect the growing importance of this sector in our economy.