Turkey Aims to Make Crypto Industry Safer and Eliminate Risks
Turkish citizens have turned to crypto as their currency, the Turkish Lira, struggles against the USD. To ensure the safety of its citizens and eliminate risks, Turkey is implementing crypto regulations.
Capital Markets Board (CMB) to Regulate Crypto Exchanges
The regulation of crypto exchanges in Turkey will be overseen by the Capital Markets Board (CMB). This oversight will be similar to how traditional financial institutions are regulated.
To obtain a license from the CMB, crypto exchanges must meet certain minimum operational obligations. These obligations include requirements for founders and managers, organizational obligations, capital requirements, and IT infrastructure obligations.
The goal of crypto asset regulation in Turkey is to enhance safety and eliminate uncertainties and risks while facilitating the development of blockchain technology and the crypto asset ecosystem.
The penetration of crypto users in Turkey has been rapidly increasing. In 2023, it stood at 12.33%, with projections indicating a further increase to 17.30% by 2028. With the growing popularity of cryptocurrencies, implementing regulations becomes essential.
Hot Take: Crypto Regulation Promotes Safety and Development
Turkey’s move towards regulating the crypto industry demonstrates its commitment to ensuring the safety of its citizens while fostering the growth of blockchain technology and cryptocurrencies. By overseeing exchanges and imposing operational obligations, such as capital requirements and IT infrastructure standards, Turkey aims to eliminate uncertainties and control potential risks in the crypto market.
By
By
By
By
By