Fun

Turkey proposes aligning crypto legislation with international standards

News Feed - 2024-05-17 06:05:00

Prashant Jha15 hours agoTurkey proposes aligning crypto legislation with international standardsThe draft law aims to govern crypto asset service providers, crypto asset platform operations, crypto asset storage, and crypto asset buying, selling and transfer transactions.1281 Total views2 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe Turkish ruling party submitted a draft crypto bill to the parliament on May 16. The bill focuses on licensing and registration for crypto service providers and aligns with international standards.


According to a Reuters report, the draft bill aims to update existing laws to comprehensively govern the cryptocurrency market. The bill’s key focus areas include consumer protection, platform transparency and compliance with financial regulations.


The proposed legislation intends to regulate cryptocurrency trading platforms and other service providers in the sector, requiring them to obtain licenses from Turkey’s Capital Markets Board (CMB).


Related:Turkey tops the world in stablecoin buying share vs. GDP


The draft law aims to govern crypto asset service providers, crypto asset platform operations, crypto asset storage, and crypto asset buying, selling and transfer transactions by Turkish residents. The legislation also addresses the classification of cryptocurrencies and projects, ensuring compliance with existing financial regulations. Some of the key takeaways from the bill are:Crypto service providers must be licensed and regulated by the Capital Markets Board.Enhanced CMB oversight to protect consumer assets and ensure effective dispute resolution.Mandatory revenue collection from crypto service providers by CMB and the Scientific and Technological Research Council of Turkey.Ban on foreign crypto brokers to foster a locally regulated ecosystem.This move seeks to align Turkey with international standards and address Financial Action Task Force (FATF) concerns, enhancing the security and reliability of the national crypto market.


The draft law proposes to include the FATF-issued travel guidelines. The FATF Travel Rule requires cryptocurrency companies and financial institutions involved in digital asset sales — collectively known as virtual asset service providers (VASPs) — to obtain and share “accurate originator information and beneficiary information” with counterparty VASPs or other financial institutions before or during transactions.


Turkey was demoted to the “gray list” by the FATF in October 2021 due to its failure to implement Anti-Money Laundering measures in its banking, real estate and other industries. The FATF requires countries on the gray list to actively cooperate in rectifying any shortcomings and subject them to heightened scrutiny.


Magazine:CZ gets jail sentence, Gensler viewed Ether as security, and FBI targets mixers: Hodler’s Digest, April 28 – May 4# Bitcoin# Blockchain# Cryptocurrencies# Turkey# Bitcoin Regulation# RegulationAdd reaction

News Feed

Robert Kiyosaki Says ‘We Are in Biggest Bubble in World History’ — Warns Government Will Seize All Cryptocurrencies
Robert Kiyosaki Says "We Are in Biggest Bubble in World History" — Warns Government Will Seize All Cryptocurrencies The famous author of the best-selling book Rich Dad Poor Dad,
MiCA Amendments Proposed Last Minute Revive Threat of EU Ban on Bitcoin, Report Reveals
MiCA Amendments Proposed Last Minute Revive Threat of EU Ban on Bitcoin, Report Reveals Changes to the EU’s MiCA proposal to regulate crypto markets, suggested shortly befor
Mars4 – Unique NFT Land Plots of the Red Planet for Crypto Fans
Mars4 - Unique NFT Land Plots of the Red Planet for Crypto Fans sponsored There was a time when space travels showed only on screens and dreams about Mars seemed out of this planet.
Is Bitcoin Price Returning To $74,000? Analyst Identifies Pattern That Suggests So
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Argentinean Startup Accelerator Launches Crypto Mining Farm in Mar Del Plata
Argentinean Startup Accelerator Launches Crypto Mining Farm in Mar Del Plata The Technological District of Mar del Plata, Argentina, will host a massive crypto m
Analyst Reveals Key Ethereum Support Zone Amid $4,000 Price Struggle
Este artículo también está disponible en español. Following a market rebound, Ethereum (ETH) has shown only sideways movement in the past few days as the battle to break
Ghana Central Bank Reiterates Warning Against Practice of Pricing Goods in Forex
Ghana Central Bank Reiterates Warning Against Practice of Pricing Goods in Forex The Bank of Ghana has warned businesses and the public against the practice of demanding or making
Gareth Jenkinson11 hours agoBlockchain game Illuvium goes mainstream with looming Epic Games Store listingBlockchain games have historically battled to gain mainstream attention, but Illuvium’s listing on the Epic Game
Pablo Escobar’s Descendants Claim to Have Known Satoshi Nakamoto
Pablo Escobar’s Descendants Claim to Have Known Satoshi NakamotoReports stemming from the financial columnist, Greg Thomson and the family of Pablo Escobar, claim the Escobar&rsqu
Solana Breaks Above Key Resistance At $225 – ATH Next?
Este artículo también está disponible en español. Solana (SOL) has captured the market’s attention after a series of volatile days, finally breaking above the $225 mark
Dogecoin Whales Go On A 110-Million Memecoin Buying Spree—What’s Next For DOGE?
Este artículo también está disponible en español. Dogecoin whales have executed a substantial transaction in the last two days, purchasing 110 million DOGE while the pric
Helen Partz11 hours agoCurve omnipool platform Conic Finance hacked for $3.2M in ETHAccording to initial analysis by Peckshield, the root cause for the hack was the new CurveLPOracleV2 contract.2323 Total views50 Total s