Cryptocurrency regulations in Turkey are ready for the parliament, and the draft places a priority on consumer protection and global standards
It has been reported that lawmakers in Turkey are planning to present a draft bill intended to regulate cryptocurrencies to the parliament this week.
In a story that was published on Sunday by the local newspaper Daily Sabah, it was said that the chairwoman of the ruling Development and Justice Party (AK Party) attended a meeting to finish preparations for the draft bill.
The new restrictions are intended to lessen the dangers that are faced by those who deal with cryptocurrencies. These also have the goal of bringing cryptocurrency trading platforms under the authority of the Securities and Exchange Board (SPK). These platforms would thereafter be subject to the SPK's supervision and licensing.
The manner in which platforms hold the currency of its customers and the crypto fines that are applicable for disobeying the regulations are two more areas of regulation. In the future, we will determine the specific regulations that govern the operation of these platforms. This will be accomplished by the creation of new rules that will be developed independently.
Security, licensing, and global recognition are the primary focuses of Turkey's cryptocurrency regulations.
At the beginning of this year, the Minister of Finance of Turkey, Mehmet Simsek, said that the legislation governing cryptocurrencies in the nation were nearing completion. Furthermore, he said that their objective is to lessen the dangers associated with cryptocurrency trading and to set licensing and operational requirements for trading platforms.
An additional advantage is that they could be able to assist Turkey in improving its position in accordance with the criteria proposed by the Financial Action Task Force.
