According to CoinDesk, Turkey has proposed legislation aimed at reducing the risks associated with cryptocurrency trading in the country. The proposal has been submitted to the parliament.
This bill includes various regulations regarding cryptocurrencies and will be implemented by the Capital Markets Board of Turkey (CMB). The proposal establishes important rules for cryptocurrency service providers and strengthens the regulatory oversight by the CMB.
The purpose of this bill is to introduce a licensing system for cryptocurrency companies, which will be overseen by the CMB and subject these companies to regulatory supervision. The scope of inspections on cryptocurrency service providers will also be expanded in order to protect customers.