Ramazan Eles 
The Republican People’s Party (CHP), Turkey‘s main opposition party, has filed a lawsuit with the Constitutional Court to challenge the newly enacted cryptocurrency law. The party argues that the law, which came into effect on July 1, 2024, contravenes several constitutional principles.
Gökhan Günaydın, CHP deputy group chairman, stated that the party has petitioned the Constitutional Court to suspend and ultimately annul the provisions of the law that they deem harmful to the public interest.
The CHP’s primary objections to the law include:
Structure and operations of cryptocurrency service providers: The party contends that the Capital Markets Board’s authority to regulate the structure and operations of these providers is excessive and detrimental to the public.
Transfer of shares by shareholders: The law imposes specific requirements for shareholders to transfer their shares if they no longer meet certain criteria. The CHP argues that these provisions are unduly restrictive.
Contracts between service providers and customers: The law grants the Capital Markets Board broad discretion to determine the terms and conditions of contracts between cryptocurrency service providers and their customers, potentially leading to anti-competitive practices.
Censorship powers: The CHP is concerned about the Capital Markets Board’s authority to order the removal or blocking of content, arguing that this could infringe on freedom of expression.
Lack of clarity on service providers: The law does not provide a clear definition of the individuals and entities that can be considered cryptocurrency service providers.
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