Cryptocurrencies

The Turkish ruling party submitted a draft cryptocurrency law to parliament on May 16.

The Turkish ruling party submitted a draft cryptocurrency law to parliament on May 16. The draft law focuses on licensing and registration of cryptocurrency service providers and is consistent with international standards.

According to a Reuters report, the bill aims to update existing laws to comprehensively control the cryptocurrency market. Key focus areas of the bill include consumer protection, platform transparency and compliance with financial regulations.

The proposed legislation aims to regulate cryptocurrency trading platforms and other service providers in the sector, requiring them to obtain licenses from the Turkish Capital Markets Board (CMB).

Related: Türkiye leads the world in purchasing stable shares of currencies against GDP

The draft law aims to control crypto asset service providers, crypto asset platform operations, storage of crypto assets, and transactions of purchase, sale and transfer of crypto assets by Turkish residents. The legislation also addresses the classification of cryptocurrencies and projects, ensuring compliance with current financial regulations. Some key takeaways from the bill are:

  • Cryptocurrency providers must be licensed and regulated by the Capital Markets Board.
  • Strengthening oversight of the Capital Markets Council to protect consumer assets and ensure effective resolution of disputes.
  • Mandatory revenue collection from crypto service providers by CMB and the Scientific and Technological Research Council of Türkiye.
  • Banning foreign cryptocurrency brokers to strengthen the locally regulated ecosystem.
  • The move seeks to align Turkey with international standards, address Financial Action Task Force (FATF) concerns, and enhance the security and reliability of the national cryptocurrency market.

The draft law proposes to include travel guidance issued by the Financial Action Task Force. The FATF’s Travel Rule requires cryptocurrency companies and financial institutions involved in digital asset sales – collectively known as Virtual Asset Service Providers (VASPs) – to obtain “accurate creator and beneficiary information” and share it with VASPs or other financial institutions before Or during transactions.

Turkey was downgraded to the “grey list” by the FATF in October 2021 due to its failure to implement anti-money laundering measures in its banking, real estate and other industries. The FATF requires gray-listed countries to actively cooperate in correcting any deficiencies and subject them to heightened scrutiny.

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