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Summary

The proposed bill in Turkey aims to regulate the cryptocurrency industry by focusing on crypto service provider registration, licensing, and compliance with financial legislation. It seeks to enhance consumer protection, transparency, and adherence to existing financial norms.

Introduction

On May 16, the governing party of Turkey introduced a draft bill to regulate cryptocurrencies in line with global norms. The bill emphasizes the registration and licensing of crypto service providers, with the Capital Markets Board (CMB) designated as the primary licensing authority.

Main Points

The proposed legislation aims to bring comprehensive control to the cryptocurrency sector by regulating platform operations, storage, transactions, and categorizing cryptocurrencies and projects. It also aligns with the Financial Action Task Force (FATF) Travel Guidelines to ensure accurate information sharing among Virtual Asset Service Providers (VASPs).

Conclusion

With the goal of addressing deficiencies and ensuring compliance with anti-money laundering regulations, Turkey’s crypto bill seeks to elevate the country’s standing in the global financial landscape. By aligning with international standards and promoting transparency, the bill aims to strengthen oversight of the cryptocurrency market in Turkey.

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