Turkey is actively pursuing the development of a legal structure for cryptocurrencies, aiming to finalize regulations that have been overdue since 2021. The urgency for establishing these laws is partly driven by the necessity to exit the Financial Action Task Force’s (FATF) grey list. Turkish Minister Mehmet Şimşek has highlighted the importance of these legislative advancements.
Progress Towards Crypto Legislation
Despite earlier promises by Minister Şimşek to present the crypto law to the Turkish Grand National Assembly before January’s end, the submission has yet to occur as of February 21. Nevertheless, recent updates indicate that the draft bill is nearing completion. Ömer İleri, Deputy Chairman of the Justice and Development Party, has confirmed ongoing efforts, emphasizing the focus on enhancing investor protection and fostering innovation within the sector.
İleri, who is in charge of Information and Communication Technologies for the ruling party, has been consulting with legal authorities and cryptocurrency industry leaders. These discussions have been fruitful, with a common understanding emerging on the essentials that the draft law should encompass. The shared vision includes ensuring citizen safety, regulating trading platforms, and paving the way for technological advancements in blockchain and artificial intelligence.
Analyzing Leaked Draft Rumors
Despite the absence of an official draft, segments of a supposed leaked copy suggest increased responsibilities for cryptocurrency exchanges and their top executives. However, the leaked details do not initially affect investors, with topics like taxation anticipated to be addressed in future legislative actions.
Speculation regarding local exchanges pushing to inhibit international platforms from operating in Turkey has been circulating. Yet, according to the rumored draft, no provision exists to bar global exchanges that have established a presence in Turkey. As such, the industry awaits the formal presentation of the draft to parliament, which will put an end to the speculation that has persisted for months.