Turkey’s Bitcoin (BTC) and Crypto Law Now in Effect: TÜBİTAK’s Key Role Explained

• Turkey has officially enacted a new cryptocurrency law, which was published in the Official Gazette.
• The new legislation introduces significant measures affecting the local crypto market and exchanges operating in Turkey.
• A statement from TÜBİTAK highlights the organization’s role under the new law, emphasizing its advisory capacity.

Discover the latest developments in Turkey’s cryptocurrency legislation and its implications for the market.

Enactment of Turkey’s New Cryptocurrency Law

On July 2, Turkey made a significant stride in regulating its cryptocurrency market with the publication of a comprehensive crypto law in the Official Gazette. This new legislation aims to establish a clear framework for the operation of cryptocurrency exchanges and the protection of investors within the country. The law’s enforcement marks a pivotal moment for Turkey’s evolving digital asset landscape.

TÜBİTAK’s Role in the New Legislation

According to the new law, TÜBİTAK (The Scientific and Technological Research Council of Turkey) has been assigned critical responsibilities. Although the Capital Markets Board (SPK) retains ultimate authority for approvals and decisions, TÜBİTAK is to provide technical consultancy in various capacities. This dual-structured approach aims to leverage TÜBİTAK’s technical expertise while maintaining SPK’s regulatory oversight.

Technical Standards and Licenses

The new law stipulates stringent criteria for Crypto Asset Service Providers (CASPs) seeking licenses. TÜBİTAK will be responsible for defining these technical standards, which will cover aspects such as security protocols, operational transparency, and technical infrastructure. Platforms will have the autonomy to decide which cryptocurrencies to list, with TÜBİTAK providing guidelines to ensure compliance with minimum technical criteria.

Revenue Contributions

Under the legislation, licensed CASPs will be required to allocate a percentage of their revenue to SPK and TÜBİTAK, ensuring continuous funding for regulatory and advisory functions. Specifically, 1% of annual revenues will be directed to each organization, supporting ongoing oversight and development of the crypto regulatory framework.

Conclusion

In summary, Turkey’s new cryptocurrency law introduces a robust regulatory environment that balances oversight by SPK with technical advisory from TÜBİTAK. This comprehensive approach seeks to foster a secure and transparent crypto market in Turkey. Investors and crypto firms must stay informed about these regulatory changes as they navigate the evolving landscape of digital assets in Turkey.