Today, an announcement was made regarding a bill that addresses the legal status of crypto assets. The bill, known as the “Proposal for Amending the Capital Markets Law,” is set to be presented to the Turkish Grand National Assembly. This proposal is of great significance as it will not only provide a legal framework for transactions involving cryptocurrencies but also define them for the first time. Moreover, it is considered one of the final steps for Turkey to be removed from the international grey list.
Abdullah Güler, the AK Party Group Chairman, has recently provided more details on the matter. We are now sharing his statements with you in real-time. Stay up to date with the latest technology news by visiting NEWSLINKER.
The bill includes various provisions that pave the way for cryptocurrencies in our country. It also involves the regulation of cryptocurrency exchanges. To ensure the safety of investors and consumers, activities of unauthorized operators will be closely monitored by the Capital Markets Board (SPK). The SPK will also be authorized to oversee the sale and distribution of cryptocurrencies. Within a month, cryptocurrency exchanges will be required to apply to the SPK for a license. Failure to comply with these regulations may result in 3-5 years of imprisonment for unauthorized operators.
In addition, customers will be required to keep their assets in their own wallets, and measures will be taken to prevent unexplained actions and transactions by unauthorized providers. Similar penalties of 3-5 years of imprisonment will be imposed on unauthorized providers and individuals. Existing exchanges must obtain a license within a month, and those providing services abroad will no longer be allowed to operate.
The legalization of cryptocurrencies is crucial for several reasons. Firstly, it ensures the safety of investors and consumers by regulating the use of these new assets. These regulations provide effective oversight mechanisms to combat fraud and other abuses, thereby enhancing market reliability. Moreover, including cryptocurrencies in tax legislation helps prevent tax evasion and broadens the tax base.
Secondly, granting legal status to cryptocurrencies supports their integration with the financial system and enables the contribution of innovative technologies to economic growth. A legal framework facilitates collaboration between banks, financial institutions, and crypto assets, thereby increasing access to financial services. It also promotes the use of Blockchain technology, which helps create a more transparent and reliable financial infrastructure. Ultimately, this encourages innovation and supports economic growth.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.
