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Turkish Regulatory Group to Propose New Crypto Rules and Regulation

Turkish Regulatory Group to Propose New Crypto Rules and Regulation

The Capital Markets Board, (CMB), Turkey’s financial regulatory and supervisory agency is ramping off the effort to develop a new guideline that allows the federal government to oversee the use of cryptocurrencies throughout the nation and to foster the adaptation of blockchain technology in the country.

A recent study by Statista revealed that one out of five Turks had used or currently owns cryptocurrencies. While the German statistics firm ranked Turkey on the number one spot among all nations in the world where the use of crypto assets is common.

Although over 16 million Turks have touched cryptocurrencies in the last ten years, the country still lacks of a legal framework for these digital assets. The high risk involved in handling cryptocurrency has raised concerns among public institutions and authorities. Accordingly, the CMB is now actively working on proposing new rules and regulations for this market, including taxation, malicious actors, market manipulation, and cryptocurrency exchanges, according to a report.

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In April 2020, Istanbul will host its first-ever Turkey blockchain week, with the main event IstanBlock 2020 being held on April 9-10. You can find out more about the event, and sign up for updates at istanbulblockchainweek.com or join the Telegram community.

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