New Legislation Aims to Boost Industry Confidence and Encourage Innovation in Turkiye’s Crypto Ecosystem
The recent passage of a new law governing crypto assets in Turkiye has been positively received by cryptocurrency exchanges operating in the country. The law, which was approved by the Turkish Grand National Assembly on June 26, establishes the first legal framework for crypto assets in Turkiye.
Under the new legislation, the Capital Markets Board (SPK) has been given the authority to regulate this area, and cryptocurrency exchanges must now obtain a license to operate within Turkiye.
Binance TR CEO Mücahit Dönmez expressed support for the “crypto asset law,” emphasizing the company’s commitment to full compliance and legal obligations as a crypto asset service provider. Dönmez highlighted that the new regulation will significantly benefit the industry, ensuring high levels of user security and institutional compliance across all companies.
“The law will enhance user trust and likely lead to broader acceptance of crypto assets,” said Dönmez. “This development will drive industry growth and innovation, foster business confidence, and allow new players to enter the market safely and under controlled conditions.”
Dönmez also clarified that foreign exchanges will not be banned but will face certain restrictions, such as limitations on marketing activities to Turkish users and the availability of Turkish language options. He noted that the regulation was formed with input from various stakeholders, ensuring the protection of users’ assets and preventing any potential harm.
OKX TR Chairman Mehmet Çamır described the law as a significant step in establishing a regulatory framework for digital assets in Turkiye. He believes that the law provides a legal basis for crypto assets, which is crucial for the sector’s development. Çamır also mentioned that the secondary legislation expected to follow will clarify many issues currently seen as uncertainties.
“Turkiye has repeatedly demonstrated that regulated financial sectors achieve a healthier ecosystem,” Çamır stated. “We anticipate that licensing the crypto sector in Turkiye will instill confidence in both users and institutional companies, leading to a new wave of corporate interest in this area.”
Paribu Legal Director Mehmet Türkarslan also praised the law, noting that it focuses on licensing platforms and prioritizing user asset security. Türkarslan emphasized the importance of maintaining a system where users can securely conduct transactions and store their assets. He stated that non-licensed entities would no longer be allowed to operate, aligning the crypto sector with other regulated financial institutions.
“This regulation adds value to the ecosystem and is centered on investor protection,” Türkarslan said. “Paribu is closely following the developments and will swiftly obtain its license in compliance with the new regulations.”
The new law is seen as a pivotal moment for Turkiye’s crypto industry, poised to foster trust, innovation, and growth within the sector.
Source: AA / Prepared by Irem Yildiz