Terms such as “wallet,” “cryptoasset service provider,” and “platform,” which are core concepts of the cryptoasset ecosystem, are officially defined for the first time. Making these definitions is of great importance in terms of ensuring transparency and clarity in the sector.

The bill regulates the activities of cryptocurrency exchanges. Regulations regarding domestic stock exchanges already existed. However, with this proposal, cryptocurrency exchanges that operate abroad and have not yet established a company in Turkey are also included. In order for these stock exchanges to operate in Turkey, they must first establish a company and fulfill the licensing conditions determined by the Capital Markets Board (CMB). This regulation aims to both increase the security of investors and bring the cryptocurrency market under tighter control.

CMB is charged with supervising the activities of cryptocurrency exchanges. Thanks to this audit, it is aimed to prevent irregularities in the market and protect investors. The bill requires obtaining a license from the CMB before providing crypto asset services. Providing crypto asset services without permission will be considered a crime under the Turkish Penal Code. This crime carries a prison sentence of 3 to 5 years.

This regulation will both increase the confidence of investors and contribute to the creation of a more orderly environment in the sector. The bill also includes measures to protect customers against possible risks. Although the details of these measures are not yet fully clear, it is expected that issues such as informing investors about the risks of cryptocurrency investments and combating money laundering and terrorist financing will be addressed.

With the adoption of the bill, the cryptocurrency market in Turkey will become more regulated and reliable. Investors will have more confidence by trading on licensed and auditable platforms. This may contribute positively to increased investments and growth of the market.

However, there are some points that investors should pay attention to. The fact that foreign cryptocurrency exchanges begin operating in Turkey may lead to changes in transaction fees and commissions. In addition, the licensing conditions to be determined by the CMB may affect the functioning of cryptocurrency exchanges and the way investors transact. Therefore, it is important for investors to follow the latest version of the bill and comply with new regulations.

The passage of the legislative proposal regarding cryptocurrency regulation in Turkey from the commission is seen as a positive development for the future of the sector. This regulation will increase investors’ confidence, bring transparency to the market and contribute to the creation of a more orderly environment. However, investors need to follow the final version of the bill and comply with the new regulations.

In the coming period, it is expected to be discussed in the General Assembly of the Turkish Grand National Assembly and become law. Once this process is completed, it is likely that all parties operating in the cryptocurrency market will be granted a transition period to comply with the new regulations.