Turkey will likely move ahead with a crypto regulatory bill that will help the country’s crypto regulations move a notch above international standards.
News reports have emerged recently that mentioned a new crypto regulatory bill in Turkey. The piece of crypto legislation aims to help improve Turkey’s crypto regulations. The new crypto legislation could also help bring Turkey’s crypto laws to par with international standards. Moreover, the bill could also move up Turkey’s financial monitoring levels under the Financial Action Task Force (FATF).
The bill mentions, “The law regulates crypto asset service providers, the activities of crypto asset platforms, storage of crypto assets, and crypto asset buying, selling and transfer transactions that people residing in Turkey can make.”
As indicated, all crypto service providers, including exchanges, will come under the bill’s purview. The Turkey Capital Markets Board (CMB) will regulate these firms under the new bill and issue licenses. The bill also mandates the monitoring of all aspects of crypto transactions by Turkish residents. Meanwhile, the crypto legislation also classifies the different types of crypto assets.
Other features of the bill include protecting user holdings and effective resolution. This is followed by revenue collection from crypto service providers, a ban on foreign crypto brokers, and alignment with the FATF’s concerns. The bill also includes the FATF travel guidelines for crypto service providers. This will help regulators identify the originator and beneficiary of crypto transactions globally.
There have also been other developments regarding the crypto sector in Turkey. It includes the rising popularity of stablecoins in the country. Other events include a digital currency project, called the digital lira project. At the same time, Turkish officials have also commented favorably on their stance on crypto regulations.
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