Preparations for a brand new legislation regulating cryptocurrency belongings in Türkiye, aiming to mitigate dangers related to cryptocurrency transactions and align with worldwide requirements are thought-about full, in line with a report Saturday.
Ruling Development and Justice Party (AK Party) Group Chairperson Abdullah Güler chaired a gathering to finalize preparations for a draft legislation containing rules on cryptocurrency belongings, indicated a report from Anadolu Agency (AA).
The draft is deliberate to be submitted to Parliament inside the week.
The draft goals to cut back the dangers of events coping with cryptocurrency belongings in Türkiye, just like worldwide practices.
The regulation which is ready to control cryptocurrency belongings broadly, targets licensing the platforms the place they’re traded by the Capital Markets Board (SPK) and bringing them underneath the regulation and supervision of the SPK.
The proposal would additionally embrace provisions concerning the custody of money and cryptocurrency belongings held on behalf of shoppers on the platforms, the relationships between platforms and clients, in addition to the sanctions and penalties to be utilized.
Criteria for the operation rules of the platforms, nevertheless, could be decided by means of secondary regulation.
Treasury and Finance Minister Mehmet Şimşek introduced earlier this 12 months that they had reached the ultimate part within the technical research of the authorized rules concerning cryptocurrency belongings, looking for to mitigate dangers and regulate buying and selling platforms and transactions.
The rules are anticipated to deliver licensing and working requirements to buying and selling platforms in addition to assist the nation to be taken off a global monetary crime watchdog “gray list,” he stated on the time.
The draft legislation on cryptocurrency belongings is ready to incorporate provisions authorizing the Capital Markets Board to grant permission and impose circumstances for the sale or distribution of cryptocurrency belongings whose worth can’t be separated from the blockchain and related applied sciences developed by people.
The regulation goals to contain the Scientific and Technological Research Council of Türkiye (TÜBITAK) on this course of to encourage software program structure improvement for blockchain and associated technological instruments.
Upon the enactment of the regulation on cryptocurrency belongings and the beginning of licensing for cryptocurrency asset service suppliers, criticisms introduced underneath the Financial Action Task Force (FATF) Technical Standard No. 15 are anticipated to be addressed, and Türkiye is envisaged to finally transfer out of the “partially compliant” class.
Source: www.dailysabah.com
