Turkey has finally enacted cryptocurrency regulations that have been on the agenda for a long time. The crypto asset law passed by the Parliament brings important innovations and regulations for everyone operating in the cryptocurrency market. This new law aims to make the market more organized and secure by covering many areas such as taxation, the status of foreign exchanges, token listing and removal procedures.
One of the most striking elements of the law is the regulations on the taxation of cryptocurrency transactions. Investors had been uncertain for a long time about how much taxes would be levied on cryptocurrencies. In the new law, it is stated that certain shares will be taken from the revenues of centralized exchanges. These shares are expected to be transferred to institutions such as the CMB and TÜBİTAK. However, no direct tax rate has been set. The Ministry of Finance's recent additional tax regulations and the opposition's talks on the tax issue maintain suspicions that there may be changes in this area in the future.
The activities of foreign cryptocurrency exchanges in Turkey are also regulated by the new law. There are no restrictions on access to foreign exchanges that do not have a physical office in Turkey, do not offer services in Turkish or do not promote/advertise to users in Turkey. However, foreign exchanges that meet one of these conditions must obtain a license from the CMB to operate in Turkey. This regulation aims to increase the competitiveness of local exchanges and protect investors.
Leveraged transactions are among the high-risk transactions for investors. This regulation bans leveraged transactions to protect investors and prevent large losses. In addition, deposits and withdrawals made through cryptocurrency ATMs are also shelved with the new regulations.
Token listing and delisting processes are also made more transparent by the law. Centralized exchanges will have to establish written procedures on the tokens they will list or delist. This regulation is considered an important step in terms of protecting investors and increasing transparency in the market.
Major bankruptcies and scandals in the cryptocurrency world have encouraged lawmakers to introduce stricter regulations in this area. The new law increases the responsibilities of exchange managers and includes criminal sanctions. For the offense of embezzlement, the chairman and members of the exchange's board of directors and negligent employees can be sentenced to between 8 and 14 years in prison. In addition, judicial fines may be increased according to the nature of the offense. These regulations aim to ensure that stock exchange managers act more carefully and responsibly.
The law also places great importance on the separation of client and company funds. In particular, by taking lessons from incidents such as the FTX bankruptcy, customer assets are protected independently of company debts or liabilities. This arrangement ensures that investors' funds are safe and encourages exchanges to better manage their financial responsibilities.
Following the adoption of the law, Turkey was removed from the gray list by the Financial Action Task Force (FATF), a development that positively affected Turkey's reputation in international financial markets. This decision demonstrates the progress Turkey has made in the fight against money laundering and terrorism financing. By providing a more reliable environment for international investors, Turkey aims to attract foreign investors and accelerate economic growth. Deputy President Cevdet Yilmaz stated that this decision will accelerate the inflow of international resources and reduce borrowing costs. It was also stated that with the increase in capital flow, interest in Turkish lira assets will increase and this will accelerate the disinflation process.
The adoption of the crypto asset law and Turkey's removal from the FATF gray list marks the beginning of a new era in the country's digital and financial economy. With the implementation of this law, the crypto market will become more organized and secure, and a more solid legal basis will be created for investors. In addition to increasing investor security, the new regulations will also ensure market transparency. It will be important for the future of the cryptocurrency market to observe the effects of this law and the changes it will create in the sector in the coming years. The implementation process of the law and its effects on the market will be carefully monitored and evaluated both locally and internationally.
In conclusion, the cryptoasset law and Turkey's removal from the FATF gray list is an important milestone in the country's financial and digital economy. These developments are of great importance in terms of protecting the rights of investors, ensuring market order and increasing the confidence of international investors.
