The Bill on Amendments to the Capital Markets Law, which includes regulations on crypto-assets, was passed by the Turkish Grand National Assembly (TBMM) General Assembly and became law. Since the crypto asset market is a subject with both economic value and technical depth, the Scientific and Technological Research Council of Turkey (TÜBİTAK) also plays a key role in the law.

TÜBİTAK, as an institution that has carried out many successful academic and technical studies in this field with the Blockchain Research Laboratory established in 2017, and as an institution that knows the ecosystem closely, undertakes important duties within the scope of the law. While TUBITAK is referred to in five different places in the law, the duties of the institution will generally be in the status of technical consultancy and all kinds of approvals and decisions will be given to the Capital Markets Board (CMB).

Tasks of TUBITAK

Under the law, TÜBİTAK will undertake duties such as setting technical criteria, preparing technical reports, conveying opinions and participating in audits. All of these tasks will be carried out at the request of the CMB and will be within the framework of technical consultancy.

TÜBİTAK to Determine Technical Criteria for License

TÜBİTAK will determine the technical criteria that Crypto Asset Service Providers (CVSPs) that will apply for a license under the law must have. Exchanges and custodians that meet these technical criteria to be determined within the scope of information systems and technological infrastructure will be able to obtain a license.

Support for Innovative Technologies

The law specifically supports blockchain technology and encourages studies in this field. Technology companies that develop a new generation blockchain will be allowed to obtain permission from the CMB for the sale or distribution of the crypto assets they produce. In such cases, TÜBİTAK will undertake the task of preparing a technical report on whether the project is in the original blockchain infrastructure.

TUBITAK will be consulted

The platforms themselves will decide which crypto assets to list or delist, and no central authority will make a distinction between good and bad. Such a distinction is incompatible with the basic philosophy of the cryptoasset ecosystem. Instead, platforms will be asked to determine a set of principles and guidelines. TÜBİTAK will be able to give an opinion on the minimum technical criteria to be followed when determining these principles.

Independent Audit to be Conducted

The audits of the licensed CSDs will be conducted by independent audit firms. During the audit, TÜBİTAK will be able to provide opinions on the procedures and principles related to information systems and participate in the audits if requested by the CMB.

Funding for Blockchain Technology

Under the law, platforms will transfer %1 of their revenues excluding interest to the CMB and %1 to TÜBİTAK. This financial resource will be used to popularize blockchain technology in Turkey and to finance projects in this field.

While the new law includes important steps in terms of regulating and securing the crypto asset market, it aims to contribute to the development of the ecosystem by utilizing the technical knowledge and experience of TÜBİTAK.