Turkey’snew cryptocurrency law assignsTÜBİTAKa significant role in technicalconsultancy,aiming to enhance regulatory oversight and marketstability.
Points
- Turkey’scryptocurrencylawcomesintoforce,impactingthemarketandusers.
- TÜBİTAKisassignedtechnicalconsultancydutieswithinthenewlaw.
- Thelawaimstoestablishtechnicalcriteriaandensureregulatorycompliance.
Turkey’sBitcoin（BTC）and cryptocurrency law came into force after being published in the Official Gazette on July2.While it remains unclear how the provisions in this cryptocurrency law will affect themarket,Turkishusers,and stock exchanges operating inTurkey,a statement came fromTÜBİTAKafter theCMB.
Because according to thislaw,TÜBİTAKalso has someduties.
TÜBİTAK’sRole
Stating thatTÜBİTAKwas given important duties in the status of technical consultancy in the bill regarding crypto assets accepted in the Turkish Grand NationalAssembly,TÜBİTAKsaid that all approval and decision authority belongs to the Capital Markets Board（CMB）.
“TheBill on Amendments to the Capital MarketsLaw,which includes regulations regarding cryptoassets,was accepted by the Turkish Grand National Assembly and becamelaw.
Since the crypto asset market is a subject that has both economic value and technicaldepth,TÜBİTAKalso plays a key role in thelaw.
ResponsibilitiesandImplementation
WhileTÜBİTAKis referenced in five different places within thelaw,the duties of the institution will generally be in technical consultancy status and all of them will be carried out in line with the request of theCMB.All approval and decision duties will be given to theCMB.
TÜBİTAKwill determine the technical criteria that Crypto Asset Service Providers（KVHS）must have when applying for a license within the scope of thelaw.
Platforms will act on their own regarding which crypto assets will be listed or removed from thelist,and there will be no distinction between good and bad by a centralauthority.Instead,a basis and principle will bedetermined.TÜBİTAKwill be able to give an opinion on the minimum technical criteria that must be followed when determining the principles inquestion.
The audit of licensed KVHSs will be carried out by independent auditfirms.During theaudit,TÜBİTAKwill be able to express its opinion on the procedures and principles related to information systems and may participate in the audits if requested by theCMB.
“Withinthe scope of thelaw,platforms will transfer1%of their income to CMB and1%toTÜBİTAK.”
解説
- ThenewcryptocurrencylawinTurkeyassignsTÜBİTAKsignificantresponsibilitiesasatechnicalconsultanttotheCapitalMarketsBoard（CMB）.
- TÜBİTAK’sroleincludesdeterminingtechnicalcriteriaforlicensing,auditingprocedures,andprovidingopinionsoninformationsystems.
- Platformswillself-regulateassetlistings,withTÜBİTAKensuringminimumtechnicalstandardsaremet.
- ThelawaimstoenhanceregulatoryoversightandmarketstabilitybyintegratingtechnicalexpertisefromTÜBİTAK.