A bill concerning the legal status of digital currencies was announced to be presented to the Turkish Grand National Assembly today. Abdullah Güler, the Chairman of the AK Party Group, recently outlined the “Proposal for Amending the Capital Markets Law.” This proposal is of great significance as it will provide the first official definition of cryptocurrencies and establish a legal framework for transactions involving these assets. Moreover, this regulation marks one of the final steps required for Turkey to be removed from the international grey list.
Details of the Cryptocurrency Bill
Abdullah Güler’s statements on the matter have just commenced. We are now sharing his statements with you in real-time. Access NEWSLINKER to stay updated on the latest technology news.
We are paving the way for the adoption of cryptocurrencies in our country.
We are also implementing regulations for cryptocurrency exchanges.
Activities conducted by unauthorized operators will be closely monitored.
The Capital Markets Board (SPK) will oversee unauthorized activities.
The SPK will be authorized to oversee the sale and distribution of cryptocurrencies.
Cryptocurrency exchanges will be required to apply to the SPK within a month.
Unauthorized operators will face imprisonment for a period of 3-5 years.
Customers must store their assets in their own wallets.
Measures will be taken against unexplained actions and transactions carried out by unauthorized providers.
Unauthorized providers and individuals will face imprisonment for a period of 3-5 years. Existing exchanges must obtain a license within a month. Additionally, exchanges offering services abroad will no longer be permitted to operate.
Why is Legalizing Cryptocurrencies Important?
Establishing a legal framework for cryptocurrencies ensures the security of investors and consumers by regulating the usage of these new digital assets. These regulations provide effective oversight mechanisms to combat fraud and other forms of abuse, thereby enhancing the reliability of the market. Furthermore, incorporating cryptocurrencies into tax legislation helps prevent tax evasion and expands the tax base.
Secondly, granting legal status to cryptocurrencies promotes their integration with the financial system and encourages the contribution of innovative technologies to economic growth. A legal framework facilitates the involvement of banks and other financial institutions in dealing with crypto assets, thereby increasing access to financial services. It also encourages the use of Blockchain technology, which in turn helps establish a more transparent and dependable financial infrastructure. This fosters innovation and supports economic growth.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.
