Turkey Composed Cryptocurrency Bills To Match With Worldwide Standards

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Turkey has recently composed a bill for cryptocurrency, that was structured by the AK Party, which is the party that is ruling at the moment. This bill was put together by Abdullah Guler, the Chairperson of AK Party on the 16th of May 2024.

The purpose of composing this bill is to control and regulate crypto in Turkey, in alignment with world wide standards. This bill encompassed several areas of crypto, such as trading systems, deals done by people living in Turkey, virtual asset service providers (VASPs) and asset storage.

There had been speculations about Turkey composing a bill to regulate crypto over the past week, in order to align with world wide standards and protect their resident customers. The government of Turkey plans to ensure that these regulations align with the Financial Action Task Force (FATF) standards.

Cryptocurrency service providers, that are functioning in Turkey are required to get licensed, and ensure that they are registered with the financial regulator of Turkey, which is the Capital Markets Board (CMB). Turkey has become one of the largest crypto markets, making this bill important.