The Turkish Ministry of Treasury and Finance announced that a draft bill to establish a legal framework for crypto assets in the country is ready. Deputy Minister Şakir Ercan Gül announced that the crypto bill would be proposed to The Grand National Assembly of Turkey, the unicameral Turkish legislature, at the start of the next legislative year in October 2021. Noting that Turkey is using a free-floating exchange regime — i.e., the value of the lira is set by the forex market — Gül said the country needs similar but stricter regulation for crypto assets than Western Europe or the United States.
He stated that the finished draft aims to protect retail investors, prevent money laundering and reinforce supervision for crypto exchanges. The upcoming bill defines different types of crypto assets, Cointelegraph Turkey reported, and also designates the issuance and distribution of crypto assets, trading policies and the conditions of crypto custodial services.
The Turkish Capital Markets Board (SPK) will oversee crypto asset companies, while the Banking Regulation and Supervision Agency (BDDK) will audit crypto industry players. The Turkish Ministry of Treasury and Finance took a defensive stance against crypto assets earlier this year. The ministry then announced that it was working with the country’s financial regulators, central bank, BDDK and SPK to prepare a legal framework for crypto in Turkey.