Turkish Parliament Committee to Review Crypto Bill This Week

The Turkish parliament’s Planning and Budget Committee will discuss a draft law this week that would require crypto asset service providers to obtain licenses and register. This move aims to enhance Turkey’s compliance with the Financial Action Task Force (FATF) standards. In 2021, FATF placed Turkey on its “grey list” due to inadequate oversight of sectors prone to money laundering and financing terrorist organizations. The proposed legislation includes 19 articles defining the legal framework for crypto assets, specifying platform responsibilities, service scope, and financial standards. It mandates licensing from Turkey’s Capital Markets Board and imposes stringent security and operational requirements. The bill seeks to protect investors from fraud and market manipulation, criminalizing unauthorized services and setting penalties for non-compliance.