The Blockchain Turkey Platform ("BTP") is a non-profit organisation, founded by the Turkish Informatics Foundation to promote blockchain technology in Turkey and to help establish a sustainable blockchain ecosystem.
The BTP will pursue these aims by, amongst other things, (1) participating in collaborative efforts with public institutions, universities, think tanks, scientists, industrial and technological academies, blockchain platforms and consortiums established in other countries and associations; (2) preparing publications, such as books, reports, magazines and supplements, and bulletins; as well as (3) producing content, such as news, essays, interviews, and social media content.
The participation of the Ministry of Commerce ("Ministry") in this platform is significant because it has become the first public member of the platform. Furthermore, the relevant unit established by the Ministry is also its first official unit related to blockchain.
The Ministry indicated that the purpose of its involvement in the BTP is to produce studies designed primarily to remove any legislative setbacks pertaining to blockchain technology and accordingly to accelerate the export and import operations of Turkish businesses. Additionally, through its participation, the Ministry aims to raise public awareness of blockchain technology, whose popularity in the private sector is increasing daily. It is hoped that with blockchain technology, public institutions will be able offer many services faster and more efficiently, as well as being able to offer some services that are not currently offered by the public sector.
Crucially, however, the Capital Markets Board ("CMB") has previously announced on 28 September 2018 that blockchain transactions falls outside its supervisory purview, and underlined potential risks associated with such transactions due to the lack of an underlying legislation in that respect.
The CMB may change its position and enact certain principles pertaining to blockchain transactions, bearing in mind the involvement of the Ministry in the BTP.
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