The draft law aims to govern crypto asset service providers, crypto asset platform operations, crypto asset storage, and crypto asset buying, selling and transfer transactions.
The Turkish ruling party submitted a draft crypto bill to the parliament on May 16. The bill focuses on licensing and registration for crypto service providers and aligns with international standards.
According to a Reuters report, the draft bill aims to update existing laws to comprehensively govern the cryptocurrency market. The bill’s key focus areas include consumer protection, platform transparency and compliance with financial regulations.
The proposed legislation intends to regulate cryptocurrency trading platforms and other service providers in the sector, requiring them to obtain licenses from Turkey’s Capital Markets Board (CMB).
