Turkey has introduced a new legislative proposal to regulate cryptocurrency asset providers and their activities. Presented by President Tayyip Erdogan’s party, the bill mandates licensing and registration for crypto trading platforms and related companies through Turkey’s Capital Markets Board (CMB). This move aligns with international standards set by the Financial Action Task Force (FATF) to improve oversight and combat money laundering and terrorism financing.
The proposed law encompasses the supervision of crypto asset service providers, platform activities, and transactions involving storage, purchase, and sale of crypto assets. The regulations aim to mitigate risks, enhance market transparency, and boost investor confidence. Although the bill does not include tax provisions, it requires crypto service providers to contribute 1% of their revenue to both the CMB and the Scientific and Technological Research Institution of Turkey (TÜBİTAK). This initiative is expected to support regulatory and technological advancements in the sector.
The legislation comes after several smaller crypto trading platforms in Turkey went bankrupt, leaving investors without access to their funds. By establishing a robust regulatory framework, Turkey hopes to create a more secure and regulated crypto environment, ensuring compliance with global standards.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.