Turkish Parliament will consider a bill to tighten crypto regulation

The document proposed by the ruling party will allow the country to get off the FATF gray list

13.05.2024 - 12:10

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What’s new? Turkey’s ruling Justice and Development Party is preparing to submit a crypto reregulation bill to parliament for consideration. It should bring the approach to supervision of the digital asset sector in line with international standards and reduce risks to the financial system. According to the document, the authority to control the crypto sphere will be transferred to the Capital Markets Board (CMB).

Material by Bitcoin com

What else is known? Back in November last year, it became known that the Turkish authorities intend to tighten the regulation of cryptocurrencies in accordance with the recommendations of the International Financial Action Task Force (FATF). The initiative is expected to contribute to the removal of the country from the gray list of FATF, where it was included due to insufficient measures to combat the financing of illegal activities.

The new bill, which will be submitted to parliament within a week, has received the support of Finance Minister Mehmet Şimşek. It will make the crypto sphere accountable and regulated.

There will be licensing rules for crypto exchanges and brokers, as well as regulations for holding client assets, resolving disputes, and imposing fines. Trades to buy and sell cryptocurrencies will be taxed.

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The document touches on aspects such as crypto exchange management, custodial services, and staking, among others

In addition, the CMB, as the main regulator of the crypto industry, in cooperation with the Science and Technology Research Council, will be in charge of authorizing the development, application, and sale of blockchain technologies.

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