Turkey Proposes Comprehensive Crypto Legislation in Line with Global Standards

Turkey's ruling party has introduced a draft bill to regulate the crypto industry, focusing on licensing and registration for service providers while adhering to international norms. The proposed legislation seeks to update existing laws, emphasising consumer protection, platform transparency, and compliance with financial regulations. Under the bill, cryptocurrency trading platforms and service providers would need licences from Turkey’s Capital Markets Board (CMB), covering various aspects such as asset storage, buying, selling, and transfer transactions. The move aims to classify cryptocurrencies, ensure regulatory compliance, and improve Turkey's standing with the Financial Action Task Force (FATF), addressing concerns over anti-money laundering measures. The draft law includes FATF travel guidelines and mandates enhanced oversight and revenue collection to foster a locally regulated crypto ecosystem. This initiative aligns Turkey with global standards while bolstering security and reliability in the national crypto market.