Efe Nail Saltık 
Turkey has been working on regulating crypto for almost couple of years. This week the draft law goes to parliament. With the regulation on crypto assets that the AK Party plans to submit to the Parliament, it is aimed to regulate the trading platforms of crypto assets by the Capital Markets Board (CMB). The bill, prepared as a result of the work carried out under the chairmanship of AK Party Group Chairman Abdullah Güler, will be presented to the Parliament this week.
This regulation aims to reduce the risks of parties transacting with crypto assets in Turkey. The bill envisages the licensing and supervision of crypto asset trading platforms by the CMB, within a framework similar to international practices. The proposal will also include details such as the storage of cash and crypto assets held on behalf of customers on the platforms, the relations between the platforms and customers, and the sanctions and penalties to be applied. The operating principles of the platforms will be determined by secondary regulations.
The bill also envisages authorizing the CMB and requiring permission for people who develop blockchain and similar technologies to sell or distribute crypto assets. In addition, it is aimed to have the Scientific and Technological Research Council of Turkey (TÜBİTAK) take a role in this process and to encourage the development of software architecture and technological tools on blockchain creation.
This regulation also aims to eliminate the criticisms brought within the scope of the Financial Action Task Force’s (FATF) technical standard No. 15 and to remove Turkey from the “partially compliant” category.
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