Bill on crypto assets to be presented to Turkish Parliament

Preparations for a new law regulating cryptocurrency assets in Türkiye, aiming to mitigate risks associated with cryptocurrency transactions and align with international standards are considered complete.

Ruling Development and Justice Party Group Chairperson Abdullah Güler chaired a meeting to finalize preparations for a draft law containing regulations on cryptocurrency assets

The draft is planned to be submitted to the Turkish Parliament within the week.

The draft aims to reduce the risks of parties dealing with cryptocurrency assets in Türkiye, similar to international practices.

The regulation which is set to regulate cryptocurrency assets broadly, targets licensing the platforms where they are traded by the Capital Markets Board and bringing them under the regulation and supervision of the SPK.

The proposal would also include provisions regarding the custody of cash and cryptocurrency assets held on behalf of customers on the platforms, the relationships between platforms and customers, as well as the sanctions and penalties to be applied.

Criteria for the operation principles of the platforms, however, would be determined through secondary regulation.