Turkey’s ruling party has taken a strategic step by presenting a draft bill focusing on crypto in parliament for updating the existing legislations and developing highly stringent regulations for the cryptocurrency sector. The bill will make it mandatory for crypto service providers to obtain licenses from the Turkish Capital Markets Board and ensure the protection of consumers. In this quest for greater security and reliability, the bill being proposed will require capital markets in Turkey that provide platforms for trading in crypto and other similar service providers to obtain licenses from the CMB. Included within the package of stipulations are such things as requiring further scrutiny by the CMB as well as prohibiting foreign crypto brokers—both of which would make for a more controlled local economy. Turkey is aligning itself with global financial regulations and the issues that the Financial Action Task Force has raised in a bid to make its crypto market more secure. New legislation that will implement travel rule guidelines published by the FATF is poised to change everything regarding the move to bring Turkey off the FATF’s gray list and help the growing digital asset industry in the process.

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