Turkey is taking a revolutionary step in the crypto industry. The ruling party has introduced a bill to align the country’s regulations with international standards.
The proposed legislation covers everything from trading platforms to asset storage. It is a comprehensive measure to ensure that Turkish residents can participate in cryptocurrency transactions with confidence.
In order to protect consumers, the bill requires licensing and registration of all cryptocurrency service providers. The goal? To create a safe and transparent environment under the watchful eye of the Capital Markets Board.
The government is not stopping there. Recognizing Turkey’s growing importance in the global cryptocurrency landscape, they are giving the CMB more powers to protect users’ assets.
But it’s not just about local control. Turkey wants to play by the rules of the game, and that means keeping up with the Financial Action Task Force (FATF). Their “Travel Rule” is making its way into Turkish law, ensuring the free flow of transaction information.
By aligning its legislation with international norms, Turkey is making it clear: it is ready to become a player in the global digital finance arena.
Translated with DeepL.com (free version)
