TUBİTAK’s Role in New Cryptocurrency Law: Enhancing Blockchain Technology in Turkey

• The introduction of new cryptocurrency regulations in Turkey has generated significant attention.
• These regulations mark a substantial change in the legal framework surrounding crypto assets.
• TÜBİTAK’s involvement highlights the importance of technological expertise in shaping these new laws.

Discover how Turkey’s new cryptocurrency regulations could reshape the market, featuring TÜBİTAK’s critical role in the process.

Turkey Introduces Comprehensive Cryptocurrency Regulations

Recently, the Turkish Grand National Assembly (TBMM) approved a new legislative measure aimed at regulating the cryptocurrency market. This new law signifies a pivotal shift in how crypto assets are managed and overseen within the country. The law, which amends the Capital Markets Law, has been officially published in the Official Gazette and is now in effect.

TÜBİTAK’s Expanded Role in Crypto Regulations

In the wake of the new legislation, the Scientific and Technological Research Council of Turkey (TÜBİTAK) has clarified its new responsibilities. Known for its pioneering Blockchain Research Laboratory established in 2017, TÜBİTAK is now poised to play a critical role in the evolving crypto landscape. The organization will provide technical criteria, generate reports, and offer advice, all under the guidance of the Capital Markets Board (SPK).

Specific Responsibilities and Contributions

According to TÜBİTAK, it will outline the technical criteria for licensing Crypto Asset Service Providers (KVHS). These criteria will span various elements of information systems and technological infrastructures. Only exchanges and custodial institutions that meet these stringent standards will be eligible for licenses. Additionally, TÜBİTAK will assess and endorse unique blockchain projects, especially those seeking approval from the SPK for sales or distributions.

The organization has also indicated that it will play a consultative role in the listing and delisting of cryptocurrencies. Although platforms will independently decide on these matters, TÜBİTAK’s guidance will ensure that minimal technical criteria are adhered to, avoiding any central authority dictating the market.

Financial Contributions and Their Impact

The new law mandates that platforms allocate 1% of their revenues, minus interest income, to the SPK and another 1% to TÜBİTAK. These funds are earmarked for the promotion of blockchain technology within Turkey, supporting various initiatives aimed at technological advancement and greater adoption of blockchain solutions.

Conclusion

The introduction of these comprehensive regulations represents a monumental step towards a more structured and secure cryptocurrency market in Turkey. By leveraging TÜBİTAK’s technical expertise, the new law aims to foster innovation while ensuring regulatory compliance and market integrity. As these regulations take effect, stakeholders can anticipate a more robust and transparent crypto ecosystem in Turkey, setting a potential benchmark for other nations to follow.