Turkey's Ruling Party Submits Cryptocurrency Bill Draft To Parliament

According to Odaily, Turkey's ruling party has submitted a draft bill on cryptocurrency to the parliament. The bill focuses on the licensing and registration of cryptocurrency service providers, aligning with international standards. The draft aims to update existing laws to comprehensively manage the emerging cryptocurrency market. The main areas of focus in the bill include consumer protection, platform transparency, and compliance with financial regulations. The proposed regulations intend to supervise cryptocurrency trading platforms and other service providers in the field, requiring them to obtain licenses from the Turkish Capital Markets Board. The draft law aims to manage cryptocurrency asset service providers, cryptocurrency platform operations, cryptocurrency asset storage, and cryptocurrency asset buying, selling, and transfer transactions that Turkish residents can participate in. The legislation also addresses the classification of cryptocurrencies and projects, ensuring compliance with existing financial regulations.