The Law Proposal Amending the Capital Markets Law, which includes regulations on crypto assets, was approved by the General Assembly of the Grand National Assembly of Türkiye (TBMM) and has now become law. Given that the crypto asset market is a subject of both economic value and technical depth, the Scientific and Technological Research Council of Türkiye (TÜBİTAK) plays a key role in the new legislation.

TÜBİTAK, with its Blockchain Research Laboratory established in 2017, has undertaken many successful academic and technical studies in this field and, as an institution familiar with the ecosystem, assumes important responsibilities under the law. TÜBİTAK is referenced in five different sections of the law, with its duties primarily in a technical advisory capacity, while all approval and decision-making authorities are granted to the Capital Markets Board (SPK).

TÜBİTAK’s Duties

In the broader context of the law, TÜBİTAK will take on responsibilities such as setting technical criteria, preparing technical reports, providing opinions, and participating in audits. All of these tasks will be carried out at the request of the SPK and within the framework of technical consultancy.

TÜBİTAK to Set Technical Criteria for Licensing

Under the law, TÜBİTAK will set the technical criteria that Crypto Asset Service Providers (CASPs) applying for a license must meet. Exchanges and custodians that meet these technical criteria, which will be determined in terms of information systems and technological infrastructure, will be eligible for licensing.

Support for Innovative Technologies

The law specifically supports blockchain technology and encourages development in this area. It opens the door for technology companies developing next-generation blockchain solutions to seek approval from the SPK for the sale or distribution of crypto assets they produce. In such cases, TÜBİTAK will be responsible for preparing technical reports on whether the project operates on an original blockchain infrastructure.

Consultation from TÜBİTAK

Platforms will have the autonomy to decide which crypto assets to list or delist, without intervention from a central authority that categorizes assets as good or bad, aligning with the core philosophy of the crypto ecosystem. Instead, platforms will be required to establish principles, and TÜBİTAK may provide guidance on the minimum technical criteria to follow when determining these principles.

Independent Audits to Be Conducted

Licensed CASPs will be audited by independent audit firms. During the audit, TÜBİTAK will provide opinions on procedures and principles related to information systems and may participate in audits at the request of the SPK.

Financial Resources for Blockchain Technology

Under the law, platforms will allocate 1% of their non-interest income to the SPK and 1% to TÜBİTAK. These financial resources will be used to promote blockchain technology and fund projects in this area within Türkiye.

The new law introduces significant steps towards regulating and ensuring the security of the crypto asset market, while aiming to foster the ecosystem's development by leveraging TÜBİTAK’s technical expertise and knowledge.