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TÜBİTAK Releases Statement Regarding Cryptocurrency Legislation!
TÜBİTAK Addresses Cryptocurrency Legislation in Recent Statement!
TÜBİTAK has issued a statement regarding the cryptocurrency legislation that recently came into effect following its publication in the Official Gazette.
By:
Elif Azra Güven
03.07.2024 – 16:16
Last Updated:
6 seconds ago
0
Turkey’s Bitcoin (BTC) and cryptocurrency regulations became enforceable upon their publication in the Official Gazette on July 2.
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While the impacts of this cryptocurrency legislation on the market are still uncertain, Turkish users and local exchanges have received guidance from TÜBİTAK subsequent to the announcement by the Capital Markets Board (CMB).
Under this legislation, TÜBİTAK has been assigned significant responsibilities in the capacity of technical advisory. The institution clarified that all authorization and decision-making powers fall under the jurisdiction of the Capital Markets Board (CMB).
“The Law Amending the Capital Markets Law, which encompasses regulations concerning crypto assets, has been endorsed by the Turkish Grand National Assembly and is now in effect.
Given that the crypto asset market encapsulates both economic worth and technical intricacies, TÜBİTAK assumes a pivotal role in compliance with the law.
TÜBİTAK is mentioned in various sections throughout the legislation, primarily tasked with providing technical consultancy, as all directives will align with the mandates set forth by the CMB. The Capital Markets Board will hold the ultimate authority on approvals and decisions.
TÜBİTAK will establish the technical criteria that Crypto Asset Service Providers (KVHS) must satisfy when seeking licensing in accordance with the law.
Platforms are granted autonomy in determining which crypto assets to list or delist, without a centralized body distinguishing between favorable and unfavorable assets. Instead, a basis and set of principles will be defined. TÜBİTAK will offer insights into the minimum technical criteria to be followed when establishing these principles.
Qualified independent audit firms will oversee the assessment of licensed KVHSs. During this auditing process, TÜBİTAK can provide input on information system protocols and may partake in audits upon request from the CMB.
“As per the legislation, platforms are required to allocate 1% of their revenue to the CMB and 1% to TUBITAK.”
*This does not constitute investment advice.
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