The Planning and Budget Committee of the Turkish parliament is set to deliberate on a draft law this week, which proposes that crypto asset service providers must acquire licenses and register.
This initiative is aimed at bolstering Turkey’s adherence to the standards set by the Financial Action Task Force (FATF). Turkey was placed on FATF’s “grey list” in 2021 due to insufficient oversight in sectors susceptible to money laundering and the financing of terrorist organizations.
The proposed legislation consists of 19 articles delineating the legal framework for crypto assets, outlining platform responsibilities, service parameters, and financial regulations. It necessitates obtaining licensing from Turkey’s Capital Markets Board and imposes strict security and operational criteria.
The bill is designed to safeguard investors against fraud and market manipulation, with unauthorized services being criminalized and penalties established for non-compliance.
Source: news.bitcoin.com
