New Bill Seeks Crypto Regulation in Turkey

Turkey is taking steps to reduce the risks associated with crypto transactions. A new legislative proposal has been introduced to the parliament, aiming to enhance regulations for crypto assets. The proposal, presented by ruling party chairman Abdullah Güler, outlines various rules that will be enforced by the Capital Markets Board (CMB).

The new regulations are expected to align Turkey with international standards for crypto assets, addressing criticism from the Financial Action Task Force (FATF), and part of a broader effort to enhance the safety of Turkey’s crypto ecosystem.

Key aspects of the bill include a licensing scheme for crypto firms, bringing them under CMB’s regulation. This measure aims to increase oversight and protect customers by expanding the scope of inspections for crypto providers. Although the bill does not include provisions for taxation, it mandates that CMB and TÜBİTAK will receive 1% of revenues from crypto service providers. TÜBİTAK, the Scientific and Technological Research Institution of Turkey, focuses on developing science, technology, and innovation policies.

In March, Economy Minister Mehmet Şimşek discussed the government’s efforts to remove Turkey from the FATF gray list. He announced that an FATF delegation would visit Turkey for an inspection in April-May, with hopes of improving the country’s standing.