First of all, it is worth mentioning that the draft bill on the law proposal on crypto assets is in the Planning and Budget Commission of the Grand National Assembly of Turkey (according to the news at the time of publication of this article, it was passed by the commission in full), and the text of the draft bill is available on the website of the Grand National Assembly of Turkey. It should also be noted that the draft bill is not a direct regulation of “crypto-assets”; it consists of making “crypto-assets” subject to the supervision of the Capital Markets Board through amendments to the Capital Markets Law. Also it should be noted that the legislator is still not in the understanding of crypto “money”; it is still in the view that this “crypto” phenomenon is an “asset” or a “commodity”. It is seen that the most emphasized element in the draft law is “crypto asset service providers” and it is seen that it also includes sanction provisions for unauthorized crypto asset providers. According to the Draft Law, “crypto asset service providers” are “Platforms, organizations providing crypto asset custody services and other organizations designated to provide services in relation to crypto assets, including the initial sale or distribution of crypto assets in the regulations to be made based on this Law,” “Crypto asset custody service” is “Storage and management of crypto assets of platform customers or private keys that provide the right to transfer from the wallet related to these assets, or other custody services to be determined by the Board” Especially considering that there are many “crypto asset” owners in Turkey but “no” domestic wallet applications, the current draft creates the risk that many “custodial” wallet applications will become unusable in Turkey. This is because the draft bill “Engaging…
About the proposed law on crypto assets in Turkiye
