June 13, 2024
Turkey's Crypto Legislation Advances
Latest Cryptocurrency News

Turkey Takes Steps Toward International Crypto Regulation

The Turkish Ruling Party Presents Comprehensive Crypto Legislation

The ruling party of Turkey took a significant step towards regulating the burgeoning cryptocurrency market by presenting a comprehensive draft bill to parliament on May 16. This move aims to align Turkey’s crypto regulations with international standards while addressing concerns raised by the Financial Action Task Force (FATF).

Key Focus Areas of the Draft Bill

According to a report by Reuters, the draft bill emphasizes licensing and registration for crypto service providers, focusing on consumer protection, platform transparency, and compliance with financial regulations. The proposed legislation seeks to update existing laws to effectively govern the cryptocurrency sector in Turkey.

Regulation of Crypto Service Providers

Under the proposed legislation, cryptocurrency trading platforms and other service providers will be required to obtain licenses from Turkey’s Capital Markets Board (CMB). The bill aims to regulate various aspects of crypto asset operations, including trading, storage, and transfer transactions by Turkish residents, ensuring compliance with financial regulations.

Alignment with International Standards

The draft law also aims to address concerns raised by the FATF, which demoted Turkey to the “gray list” in October 2021 due to deficiencies in its anti-money laundering measures. By incorporating FATF-issued travel guidelines, the proposed legislation requires cryptocurrency companies to obtain and share accurate transaction information with counterparties or financial institutions, enhancing transparency and security in the national crypto market.

Enhancing Security and Reliability

The submission of the draft crypto bill underscores Turkey’s commitment to regulating the crypto industry in line with international standards. By mandating licensing for crypto service providers and strengthening oversight mechanisms, the proposed legislation seeks to enhance the security and reliability of the national crypto market while fostering a locally regulated ecosystem.

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Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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