While regulatory efforts regarding cryptocurrencies continue, new statements came from Treasury and Finance Minister Mehmet Şimşek. According to AA, the secondary regulation studies regarding cryptocurrency service providers carried out by the Capital Markets Board have come to an end. With the newly prepared drafts, new rules have been introduced for the establishment, activity and capital adequacy of cryptocurrency service providers. Within the scope of the drafts expected to be published shortly, cryptocurrencies listed on the platforms will not be able to be bought and sold with leverage, and will not be subject to derivative instrument contracts and margin trading, short selling and lending transactions. Apart from this, the principles and fundamentals for the listing of cryptocurrencies have also been determined. It will be mandatory to establish a listing committee that is responsible for making decisions regarding the listing and removal of cryptocurrencies. Speaking about the prepared drafts, Treasury and Finance Minister Mehmet Şimşek said that the draft circulars contain quite detailed and comprehensive elements compared to the regulations of other countries. “As in the world, there is a lot of interest in the cryptocurrency ecosystem in Turkey. This makes regulation necessary. The example of risk-based regulation regarding capital is not included in the regulations of other country authorities. These steps we have taken will allow the market to function effectively and create an environment of trust for investors. “We aimed to create a set of rules that give controlled obligations to cryptocurrency service providers, have a clearly defined framework, and are applicable to market actors.” In Turkey, the “Law on Amendments to the Capital Markets Law” for the cryptocurrency ecosystem was accepted by the Turkish Grand National Assembly General Assembly on June 26, 2024 and became law. Thus, the first legal framework for crypto assets was created in Turkey. Related News: New Cryptocurrency Statement from CMB President Ömer Gönül! Pointing to January! *This is not investment advice. Continue Reading: Treasury and Finance Minister Mehmet Şimşek Talked About Cryptocurrency Regulations! "Leveraged Transactions Are Becoming History!"
