Law or auction gavel and bitcoins on a wooden desk, dark background, gavel and bitcoin symbol on brown table with copyspace. Bitcoin Currency Technology Business Internet Concept.
Cryptocurrency Regulation Assessment from Crypto Exchange. The draft law proposal regarding cryptocurrency regulations, eagerly awaited by investors and cryptocurrency exchanges in Turkey, has been submitted to the Turkish Grand National Assembly. Stakeholders in the ecosystem have shared their initial assessments of the draft law.
According to Chainalysis data, Turkey, which is the world’s fourth-largest cryptocurrency market, has recently seen the introduction of a draft law titled “Proposal for Amendments to the Capital Markets Law,” consisting of 19 items closely monitored by the ecosystem and cryptocurrency exchanges. The proposal, led by the new economic management under the guidance of Treasury and Finance Minister Mehmet Şimşek, is considered a significant step toward facilitating Turkey’s removal from the Financial Action Task Force (FATF) grey list related to Anti-Money Laundering (AML) measures, which the country has been striving for.
Kafkas Sönmez, CEO of Gate.TR, expressed satisfaction with the cryptocurrency law proposal, which addresses initial expectations.
“Turkey has proven to be a pioneer in crypto legally.”
The proposed cryptocurrency law submitted to the Turkish Grand National Assembly outlines the framework for regulating and supervising digital assets, defining digital asset ownership, providing digital asset services, and outlining the legal obligations of service providers.
Kafkas Sönmez emphasized that one of the most challenging aspects of creating a new regulatory framework is the definitions. He stated, “This law advances the general regulatory framework for digital assets and cryptocurrencies in our country by building on pioneering work done in previous periods. While discussions on this topic continue in many countries worldwide, the fact that Turkey has swiftly implemented this bill demonstrates legally that our country is a pioneer in crypto. This law, which is regulatory rather than prohibitive, will facilitate the emergence of opportunities in the ecosystem and contribute more to our country’s potential leadership in crypto.”
“It will promote constructive competition, establish trust, and enhance value.”
Gate.TR CEO Kafkas Sönmez highlighted the significance of the submitted bill as a starting point for cryptocurrency regulation. He said, “Turkey has always been an attractive market for global players. This bill expands the boundaries of this appeal. It includes domestic and foreign cryptocurrency exchanges, blockchain developers, companies providing next-generation asset services, and even traditional finance in a common and constructive competitive arena.
The new law creates an environment where innovation, user experience, excellence in user services, and experience-oriented collaborations will be differentiating factors for all players. This development, which gives cryptocurrency exchanges and other stakeholders credibility and recognition in the eyes of official institutions and traditional financial institutions, shapes public perception positively.
A new era is beginning in Turkey for projects focused on crypto and blockchain, which will enhance value for everyone.”
“We collaborated in resolving nearly 2,500 legal cases.”
Kafkas Sönmez emphasized their commitment to accompanying progressive steps with mutual exchange of ideas and cooperation. He concluded his remarks by saying, “At Gate.TR, in all our ecosystem meetings and discussions with opinion leaders and other representatives, we emphasized that where there is money, there should be law and that the law would be the guarantee of trust.
Gate.TR demonstrated its cooperative approach even before the law was enacted. In 2023 alone, we collaborated with public institutions in resolving nearly 2,500 legal cases. As a permanent stakeholder in the Turkish crypto market, we are ready and excited to lead the new developments this beginning will bring. We thank everyone involved in the preparation process of the new cryptocurrency law proposal submitted to the Turkish Grand National Assembly.”