Parliamentary Group Chairman Abdullah Güler, the architect of the proposal, prepared the draft law in order to strictly control transactions related to crypto assets and regulate companies operating in this field. This regulation will expand the jurisdiction of the Capital Markets Board (CMB) and set critical rules for crypto service providers. Including crypto companies under the supervision of the CMB through the licensing system aims to both protect investors and ensure transparency in the sector. Additionally, efforts will be made to increase customer security through comprehensive audits for crypto providers.

The fact that there is currently no provision regarding taxation in the bill raises questions about the future development of the crypto asset market. However, CMB and TÜBİTAK’s 1% share of the income of crypto service providers may pave the way for the establishment of a taxation system in the future. This will be an important step for the crypto asset market to become official.

Another important pillar of the bill is the ban on the activities of crypto brokers that do not have local origins. This regulation aims to strengthen Turkey’s control over the crypto asset market and prevent unfair practices. In the long term, this step is expected to make Turkey’s crypto ecosystem more secure and increase its compliance with international standards.

However, some concerns may arise with the bill coming into force. For example, it is not yet clear how the innovative nature of the crypto asset market will interact with regulations such as strict supervision and licensing. Additionally, banning crypto brokers without local origin could negatively impact competition in the crypto asset market. This can be an obstacle to innovation.

To evaluate the potential impacts of the bill, it would be useful to examine approaches to regulating the crypto asset market globally. Some countries prefer to subject this market to strict control by defining crypto assets as securities. Other countries are implementing more flexible regulations to encourage innovation. We will see which approach Turkey’s bill will be closer to in the coming period.

As a result, Turkey’s new crypto asset law can be considered as an accurate step considering the interest in crypto currencies. However, the content of the bill needs to be carefully considered and its potential effects to be evaluated comprehensively. Considering the dynamic structure of the crypto asset market, creating a flexible and innovative regulation will play an important role in Turkey taking its place in global competition in this field. In addition, closely monitoring and taking into account the opinions of investors, crypto service providers and other industry stakeholders throughout the process of enactment and implementation of the draft law will contribute to the effective implementation of the regulation.