Turkey's Proposed Law Aims to Enhance Supervision of Cryptocurrencies

Friday, 17 May 2024, 16:26

Turkey has introduced a proposed law to regulate crypto asset providers, aligning with FATF standards to protect investors. The new regulations mandate licensing and registration for crypto service providers, aiming to improve oversight and compliance with international standards.

https://store.livarava.com/37b3a4ad-146e-11ef-a6c2-63e1980711b2.jpg — Turkey's Proposed Law Aims to Enhance Supervision of Cryptocurrencies

Turkey Announces Proposed Law to Regulate Cryptocurrencies

Turkey has proposed a new law to regulate crypto asset providers, enhancing supervision to align with FATF standards. The bill aims to protect investors.

Turkey Seeks to Regulate Cryptocurrencies and Exchanges

The proposed law mandates that cryptocurrency trading platforms and related companies obtain licenses from Turkey's Capital Markets Board (CMB). The bill focuses on licensing, registration obligations, and activities of crypto asset service providers.

The bill does not include provisions for taxation. However, crypto service providers must contribute 1% of their revenue to both the CMB and Turkey's Scientific and Technological Research Institution (TÜBİTAK).

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.