Crypto law comes to Parliament | Turkish Economy News

Crypto law comes to Parliament |  Turkish Economy News


In the last one and a half years, the crypto asset usage rate in Turkey has increased from 40 percent to 52 percent. The draft prepared to include crypto assets, which have a transaction volume of 1.072 trillion dollars worldwide, within the scope of the law is expected to be submitted to the Turkish Grand National Assembly (TBMM) before the end of the year. With the proposal, financial stability will be ensured and those who invest in these assets will be better protected. The regulation will also prevent the misuse of the crypto industry for money laundering and terrorism financing. It is anticipated that social media influencers will also be added to the offer. In recent operations, it was revealed that influencers were using crypto assets to launder money.

DIGITAL FINANCE IS ENCOURAGED

With the regulation, crypto assets will be made compatible with the existing legal framework. The use of new digital financial tools will be encouraged. Crypto assets and products will be included in the scope of financial regulation.

WILL BE REMOVED FROM THE GRAY LIST

With the regulation, the Financial Action Task Force (FATF) will have no reason to keep Turkey on the gray list. At the meeting held within the FATF on October 27, it was underlined that only one item remained in the action plan for Turkey to be removed from the gray list. With the issuance of legal regulation regarding crypto assets, Turkey will have fulfilled all 40 criteria in the FAFT list. FATF had put Turkey on the gray list in 2021.

USE RATE INCREASED TO 52%

The usage rate of crypto assets in Turkey is increasing every year. Research shows that 2/5 of Türkiye’s population owns crypto assets. While the crypto asset usage rate was 40 percent at the end of 2021, it reached 52 percent in July 2023.

The omnibus bill will be in the Commission on 28-29 November.

The AK Party’s 80-article omnibus bill, which includes increasing the penalties for hoarders, will be presented to the Presidency of the Parliament this week. The draft laws that the Ministry of Treasury and Finance, as well as the Ministry of Commerce, have been working on for a while, were combined in the omnibus proposal. By offer; Fines for stockists will be increased. Mechanisms established to increase market inspections and surveillance will be strengthened.

PUNISHMENTS WILL BE HEAVIER

Administrative fines imposed on opportunists by the Unfair Price Evaluation Board and the Advertising Board will be increased. The scope of the fight against betting will also be expanded to eliminate the unregistered economy. The tax effects of inflation accounting, which will be implemented in 2024, will also be included in the regulation. In this context, regulations regarding banks and financial institutions will be included in the omnibus proposal. According to the information obtained by Yeni Şafak, the omnibus proposal will be discussed in the GNAT Planning and Budget Commission on 28-29 November. The proposal will be discussed in 3 parts in the commission and will be presented to the General Assembly on December 5. The 2024 budget will be presented to the General Assembly on December 11-22.



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