Statement on 'crypto' from AKP Group Deputy Chairman Güler

AKP Group Deputy Chairman Abdullah Güler announced that they have started work on regulations regarding crypto assets and will submit the legislative proposal to the Speaker of the TBMM after the Ramadan Feast.

In his statement, Güler said that following the completion of the work carried out by the Ministry of Treasury and Finance regarding crypto assets, they have initiated preparations for a legislative proposal as the AKP TBMM Group Presidency.

Güler stated that they are conducting the work with AKP Deputy Chairman Responsible for Information and Communication Technologies Ömer İleri and members of parliament who have expertise in this field.

TARGET IS AFTER THE RAMADAN FEAST

Stating that they aim to complete the work after the Ramadan Feast, Güler announced that they will then submit the legislative proposal on crypto assets to the Speaker of the TBMM.

With the regulation being worked on, it is aimed to reduce the risks for parties trading with crypto assets in Turkey, similar to international practices.

With the regulation that will define crypto assets in a broad sense, it is planned for crypto asset trading platforms to be licensed by the Capital Markets Board and for minimum operational requirements to be imposed, similar to financial institutions.

With the enactment of the regulation on crypto assets and the commencement of licensing for crypto asset service providers, it is anticipated that the criticisms brought under the Financial Action Task Force (FATF) Recommendation 15 technical standard will be addressed and that Turkey will exit the "partially compliant" category.