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Statement from TÜBİTAK about the Cryptocurrency Law!

Turkey’s Bitcoin (BTC) and cryptocurrency law came into force after being published in the Official Gazette on July 2.

While it remains unclear how the provisions in this cryptocurrency law will affect the market, Turkish users and stock exchanges operating in Turkey, a statement came from TÜBİTAK after the CMB.

Because according to this law, TÜBİTAK also has some duties.

Stating that TÜBİTAK was given important duties in the status of technical consultancy in the bill regarding crypto assets accepted in the Turkish Grand National Assembly, TÜBİTAK said that all approval and decision authority belongs to the Capital Markets Board (CMB).

“The Bill on Amendments to the Capital Markets Law, which includes regulations regarding crypto assets, was accepted by the Turkish Grand National Assembly and became law.

Since the crypto asset market is a subject that has both economic value and technical depth, TÜBİTAK also plays a key role in the law.

While TÜBİTAK is referenced in five different places within the law, the duties of the institution will generally be in technical consultancy status and all of them will be carried out in line with the request of the CMB. All approval and decision duties will be given to the CMB.

TÜBİTAK will determine the technical criteria that Crypto Asset Service Providers (KVHS) must have when applying for a license within the scope of the law.

Platforms will act on their own regarding which crypto assets will be listed or removed from the list, and there will be no distinction between good and bad by a central authority. Instead of; will determine a basis and principle. TÜBİTAK will be able to give an opinion on the minimum technical criteria that must be followed when determining the principles in question.

The audit of licensed KVHSs will be carried out by independent audit firms. During the audit, TÜBİTAK will be able to express its opinion on the procedures and principles related to information systems and may participate in the audits if requested by the CMB.

“Within the scope of the law, platforms will transfer 1% of their income to CMB and 1% to TUBITAK.”

*This is not investment advice.

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