Turkey is preparing to formulate a new cryptocurrency law to align with international standards

2024-05-13 08:03:18

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ChainCatcher news, according to Bitcoin.com, Turkey is preparing to submit a new law regulating crypto assets to parliament. The legislation aims to align with international standards, reduce risks associated with cryptocurrency transactions, and the Capital Markets Board will implement strict regulation on the licensing and operation of crypto trading platforms. It will also ensure the secure custody of assets, establish a transparent platform-client relationship, and clarify sanctions for violations. The draft legislation is expected to be submitted to parliament within a week.

This move has received strong support from Turkey's Finance Minister Mehmet Şimşek, aiming to remove Turkey from the "grey list" of financial crime regulatory agencies and improve its status under the Financial Action Task Force (FATF) standards.

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