The 2024 Final Draft Crypto Bill is ready for adoption. There have been long-lasting discussions about the work of lawmakers for the adoption of a Crypto Law in Turkey. It is suggestable that Turkish business lawyers and all legal practitioners are making preparations for a follow-up new term in Turkey.
Introduction
It is critical to underscore at the outset that Turkey is one of the largest blockchain users across the world. There have been long-lasting discussions about the work of lawmakers for the adoption of a Crypto Law in Turkey. The 2024 Final Draft Crypto Bill is ready for adoption. This article is designed for providing a detailed overview about recent progress for the subject matter.
See also our previous article on New Turkish Crypto Law 2024
What is the importance of FinTech?
Financial technologies (FinTech) environment has improved very quickly over the last 20 years. This development causes enormous challenges to national and international policy and law makers. This paper will give a brief outline of recent preparations for new Turkish Crypto Law 2024.
What is the meaning of FinTech?
At the beginning, it is useful to remember what the meaning of FinTech.
For a comprehensive discussion on the FinTech Environment in Turkey, take a look at our article on FinTech Guide in Turkey
The term "FinTech" is used to refer to emerging electronic payment methodologies and systems. Indeed, FinTech contains a broad range of payment models such as electronic money institutions, payment institutions, digital banks, online insurance agencies, and crowdfunding platforms and blockchain such as crypto currencies. What is really important is that the FinTech means have been developed for faster and safer financial services.
For our work and all legal services on the matter of financial technologies, please click our "Practice Areas", titled, FinTech
For more discussion for banking and finance, take a look at our article on Banking and Finance Law in Turkey
And the 2024 Final Draft Crypto Bill Is Ready for the Adoption
In Turkey there has been a broad range of developments for the improvement of financial technologies over the years. It is worth remembering that the digital participation banking system is accepted by Turkish lawmakers in Turkey.
As a second step, the recognition of digital wallets has also been completed by means of new regulation of the Central Bank of the Republic of Türkiye.
For more observation about digital wallet regulation, take a look at our article on Digital Wallet Era in Turkey
As a third step, the 2024 New Electronic Submission System for Turkish Capital Markets was established by the Capital Markets Board of Türkiye.
Last but not least, we are coming to an end for the 2024 Final Draft Crypto Bill, introduced by Mehmet Şimşek, the Ministry of Treasury and Finance to the Parliament agenda. This month, the Final Draft Bill for Turkish Crypto Law has been submitted to the Türkish Grand National Assembly for the enactment.
What is the importance of the 2024 Final Draft Crypto Bill?
There is no doubt that one of core goals of Turkish policy makers is to ensure full compliance of the capital markets system in line with the Financial Task Force standards and principles aiming at the prevention of money laundering and terrorist financing. Secondly, the definition of crypto asset and crypto asset exchange platform as well as crypto assets service providers has been made. Thirdly, legal obligations have been clearly addressed for the establishment, certification and licensing of crypto currency service providers. It is important to underline that the Capital Markets Board will be the main authority to grant licensing for the establishment and operation. Nonetheless, the Board may ask the technical support of the Scientific and Technological Research Council of Türkiye (TÜBİTAK).
Conclusion
In the light of the foregoing, the 2024 Final Draft Crypto Bill is almost ready for the adoption by the Türkiye Grand National Assembly. Undoubtedly, the Turkish Parliament has a direct power to make comprehensive changes and|or rejection of the draft bill completely. Nevertheless, the 2024 final draft crypto bill is expected to be adopted fastly this time. Considering the scope and nature of the 2024 Draft Crypto Bill, it is not hard to imagine that a new era will be beginning in Turkey for all investment sectors and Turkish business lawyers.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.