New Bill lays down a primary legislative framework for Türkiye to mitigate risks in crypto trading.
Crypto platforms will now have to obtain authorisation to operate legally in the country. / Photo: AA ArchiveThe Turkish Parliament on Thursday cleared a Cryptocurrency Bill that will come into effect after President Recep Tayyip Erdogan’s approval, and publication in the Official Gazette.
The Capital Markets Board , Türkiye’s financial regulatory and supervisory agency, will be authorised to issue capital market instruments as crypto assets. The new regulation is also part of Türkiye’s efforts to comply with Financial Action Task Force requirements, following its inclusion in the FATF"grey list" in 2021.
Under the new Bill, crypto platforms will have to obtain authorisation from the SPK to operate legally in the country. Service providers currently operating in Türkiye will have to apply for a licence within one month of the law’s enactment, or declare a decision to liquidate within three months.
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