Turkey plans to make crypto regulation rules more stringent. Important news, given the role of Turkey for the crypto market. Let us remind you that when, for example,#Binancelists some asset, then among the trading pairs there is always a pair to the Turkish lira. Along with#USDTand #BTC,#BNBand #FDUSD.
Turkey also leads by a wide margin in the TOP 10 states and associations of states in terms of the volume of purchase and sale of stablecoins in relation to GDP.
Turkey's ruling party this week submitted a legislative proposal to parliament that focuses on licensing and registration of crypto service providers. Regulated by the Capital Markets Council. New rules may prohibit the operation of crypto exchanges without a license and introduce a Travel Rule. As a reminder, the Travel Rule requires companies processing transactions over $3,000 to disclose the sender's name, address and account information.
Travel Rule is already in effect in the USA, Canada, and Singapore. Came into force in the UK on September 1, 2023, and in the UAE from December 2023.
Regulation “tightens the screws.” And most importantly, in key countries for the industry.