Announcement from TÜBİTAK Regarding the Cryptocurrency Legislation

TÜBİTAK Issues Statement on Cryptocurrency Law
TÜBİTAK has released a statement regarding the recent cryptocurrency law that has come into effect following its publication in the Official Gazette.
Turkey’s Bitcoin (BTC) and cryptocurrency law officially went into effect on July 2 after being published in the Official Gazette. The impact of the provisions outlined in this law on the market remains uncertain. In response to this, TÜBİTAK has issued a statement following the CMB’s announcement.
The new law has assigned TÜBİTAK with important responsibilities, particularly in the capacity of technical consultancy. The Capital Markets Board (CMB) has been designated as the authority responsible for all approvals and decisions pertaining to the law.
The bill, which includes regulations on crypto assets, was passed by the Turkish Grand National Assembly, making it a legal requirement. Given the economic value and technical complexity of the crypto asset market, TÜBİTAK is expected to play a significant role in ensuring compliance with the law.
TÜBİTAK’s involvement is detailed in five different sections of the law, primarily in the capacity of technical consultancy, with all actions being carried out based on the CMB’s requests. The CMB will have full authority over approvals and decisions, while TÜBİTAK will establish the technical criteria for Crypto Asset Service Providers (KVHS) applying for a license under the law.
Furthermore, the law stipulates that platforms will have autonomy in determining which crypto assets to list or remove, without central authority intervention. TÜBİTAK will provide input on the minimum technical criteria for establishing these principles, and independent audit firms will conduct audits of licensed KVHSs. TÜBİTAK may participate in these audits at the request of the CMB and express opinions on information systems procedures and principles.
As part of the law, platforms are required to transfer 1% of their income to the CMB and 1% to TÜBİTAK.
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