Turkey Drafts Crypto Bills To Align With International Standards
In a major move, Turkey drafted a crypto bill, tabled by the ruling party (AK Party) Group Chairperson Abdullah Güler on May 16, to regulate the cryptocurrency market in accordance with international standards.
The proposed legislation covers various aspects of the crypto industry, including virtual asset service providers (VASPs), trading platforms, asset storage, and transactions conducted by Turkish residents.
Cryptonews reported earlier in the week that Turkey was planning to submit a draft of its crypto regulation, which prioritizes consumer protection and global standards. This came after the Turkish government announced the near completion of the crypto regulatory framework to comply with the Financial Action Task Force (FATF) standards in January 2024.
According to the draft, all cryptocurrency service providers operating in Turkey must obtain licenses and register with the Capital Markets Board (CMB), the nation’s financial regulator.
Turkish #crypto bill: 5 things to know before it’s introduced :
Turkey was expected to introduce crypto legislation in early 2024, but the local parliament is yet to report on the process.
Turkey already has some “light” crypto regulations
While the Turkish government has yet to… pic.twitter.com/q37Qb7bsiC
— TOBTC (@_TOBTC) May 6, 2024
The bill also grants the CMB expanded authority to safeguard consumer assets held by crypto service providers. This is quite important as Turkey has grown over the years to become one of the biggest markets for cryptocurrency.
Additionally, the bill addresses the issue of revenue collection by tasking the CMB and the Scientific and Technological Research Council of Türkiye (TÜBITAK) with enforcement capabilities.
The draft also emphasized the Turkish
Read more on cryptonews.com
