The recent development in Turkey's legislative realm involves the passing of a cryptocurrency bill by the Commission in the Turkish Grand National Assembly. This bill, focusing on amendments to the Capital Markets Law and encompassing regulations related to crypto assets, has garnered attention. The upcoming discussions in the General Assembly will delve into the intricacies of the draft law, setting the stage for further parliamentary scrutiny.

As reported by NTV, the acceptance of the Bill on Amendments to the Capital Markets Law signifies a significant step in regulating crypto assets within Turkey. Deliberated by the Grand National Assembly of Turkey Planning and Budget Commission, this bill is a product of meticulous evaluation and consideration. Key components of the proposal address cryptocurrencies, cryptocurrency service providers, and protective measures for customers against potential risks.

During a press conference at the Turkish Grand National Assembly, AK Party Group Chairman Abdullah Güler shed light on the specifics of the "Proposal on Amendments to the Capital Markets Law." This legislative initiative introduces clear definitions of terms pivotal to the crypto asset ecosystem, such as wallet, crypto asset service provider, and platform.

An interesting inclusion within the bill are provisions pertaining to foreign cryptocurrency exchanges. Güler emphasized that foreign exchanges operating overseas, yet lacking a local establishment in Turkey, can operate within the country. However, to do so, they must establish a presence in Turkey and meet the preconditions stipulated by the Capital Markets Board to procure a license.

Notably, the bill also addresses unauthorized activities in the realm of cryptocurrency services. Güler highlighted the regulatory oversight by the Capital Markets Board, stressing that providing crypto asset services without the necessary authorization will be deemed a criminal offense under the Turkish Penal Code. The prescribed penalty for such unauthorized activities ranges from 3 to 5 years of imprisonment.