According to Wu, a new legislative proposal in Turkey has been submitted to the Turkish Parliament, which aims to regulate and enhance the security of crypto asset transactions. The new proposal requires cryptocurrency service providers to be licensed and regulated by the Capital Markets Board (SPK) to protect consumer assets and ensure effective dispute resolution. In addition, SPK and TÜBİTAK (Scientific and Technological Research Council of Turkey) will impose certain fees on crypto service providers, while prohibiting foreign cryptocurrency brokers from operating in the country.
The new legislative proposal aims to bring Turkey’s cryptocurrency market in line with international standards and address the Financial Action Task Force’s (FATF) concerns about the security and reliability of the cryptocurrency market. The discussion is scheduled for May 30, according to the meeting agenda.