Due to the widespread use of crypto asset trading platforms and
the high volatility of crypto asset prices regulating these markets
to protect users against the inherent risks associated with crypto
assets has been on the legislative agenda for a long
time. In this regard, a draft law proposal that had been
unofficially leaked to the press in recent months
frequently occupied our agendas. Finally, on May 16, 2024, the
Proposal Law No. 36 (“Proposal”) on
the Amendment of the Capital Markets Law
(“CML”) which regulates the trading
activities on crypto asset platforms was submitted to the
Turkish Grand National Assembly.
Before sharing our opinions regarding the Proposal, we
believe it is necessary to address some important points mentioned
in the preamble of the Proposal. Firstly, although there is no
clear legal distinction in the draft provisions, the general
preamble addresses the differences between types of crypto
assets; classifying them as “securities
