Future Regulations on Crypto Assets in Turkey

In the ever-evolving realm of finance, few sectors have undergone as rapid and transformative a journey as cryptocurrencies. As we step into 2024, the cryptocurrency landscape continues to captivate the world's attention, showcasing a remarkable blend of innovation, adoption, and regulatory developments. Over the past year, the crypto sphere has not only weathered challenges but has also demonstrated resilience and adaptability, setting the stage for what promises to be an exciting chapter in its evolution.
Until 2024, many mouths in Turkey talked about the regulations that will come about crypto assets. Some think that this is to increase confidence in the crypto market and protect investors, while others think that the state is taking such an initiative to collect taxes from investors.
In recent months, Mehmet Şimşek, the Minister of Treasury and Finance, has made several statements on the subject. Speaking about the activities in the economy this year and drawing a general framework for the coming year, Şimşek also included crypto regulation among his messages. "We only have one thing left, crypto," Şimşek said while discussing the cryptocurrency draft law under the title of combating black money.

The Minister said that the legal regulation on crypto assets has reached the final stage. "Our main goal with crypto asset regulation is to make this area safer and eliminate the risks that may arise, with these regulations, we have been able to gain information about transactions and transfers on the platforms, but of course we need to do more than that." he said. Stating that they are closely and cautiously following the developments in the world, Şimşek said, "At this stage, when we look at the practices abroad, we see that countries are moving forward by adopting approaches suitable for their own financial and legal systems regarding crypto assets. In this sense, it becomes clear that steps should be taken in our country regarding the regulation."

"Inclusive definition for crypto assets"

Şimşek stated that the main goal of the legal work is to regulate the platforms and the transactions taking place here, and said: "Crypto asset trading platforms will be licensed by the CMB, and minimum operating conditions will be imposed similar to financial institutions. These will be in the form of conditions regarding founders and managers, organizational obligations, capital requirement, and information processing infrastructure obligations. The details of the operating conditions will be determined by secondary regulations. Of course, it is necessary to make some definitions while making these regulations. In line with international regulations, the definitions of crypto asset, wallet, crypto asset service provider, crypto asset custody service and crypto asset trading platform are included. In our draft, crypto assets are defined in a broad sense. Accordingly, cryptoassets are defined as "intangible assets that can be created and stored electronically using distributed ledger technology or a similar technology, distributed over digital networks, and can express value or rights". Considering that definitions within certain limits may not cover different crypto assets that may emerge in the future, it was aimed to create the definition in the most inclusive way.

As a result, the Turkish public is as confused and skeptical as ever about these upcoming regulations. The country, which is already experiencing some economic difficulties, is looking for a way out of these problems. The big problem is the introduction of a tax system that will make it harder for the people.


Kripto varlıklara ilişkin yasal düzenlemede son aşamaya gelindi- (bloomberght.com)
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