The Future of Cryptocurrencies in Turkey
The ruling party in Turkey is taking steps to strengthen control over cryptocurrencies with a new bill in the works. The main aim of this legislation is to hold all crypto investors and platforms accountable under tight regulations. The proposed Capital Markets Board (CMB) will be the central regulatory body overseeing the cryptocurrency sector. Its responsibilities will include licensing trading platforms, exchanges, and brokers, as well as monitoring user-platform interactions.
The CMB will have the power to set rules for fines, sanctions, dispute resolution, and taxation of crypto transactions. This will pave the way for enhanced market control and prevention of financial violations.
Furthermore, the bill outlines that the Turkish Council for Scientific and Technological Research will oversee the development of the crypto market. This entity will promote blockchain technologies and other digital tools, fostering innovation within the nation.
The implementation of these new regulations is expected to enhance Turkey’s standing with international organizations. The government aims to remove Turkey from the gray list of the Financial Action Task Force (FATF) by bolstering measures against money laundering through cryptocurrencies.
Recent collaborations, such as MisyonTech’s partnership with the Swiss platform Taurus for digital asset storage and tokenization, reflect Turkey’s growing interest in integrating and regulating the cryptocurrency sector.
