The Capital Markets Board in Turkey will soon launch its new regulatory framework.
Turkey is one of the countries with the highest exposures to digital assets on the globe. Between 16% and 20% of Turks have used or owned crypto in 2020.
Sakir Ercan Gul, the Deputy Minister of Treasury and Finance, declared that the bill is going to be based on legislation already put in place in the US and Europe but mentioned that stricter rules ought to be implemented.
He also commented that the law would be proposed to the Grand National Assembly of Turkey in Q4. He revealed that the bill would protect retail investors, avert money laundering, and reinforce regulatory supervision for crypto exchanges.
In April, Turkey issued a ban on crypto holders, prohibiting them from using their holdings as payments.
As of now, the country has also confirmed that it is working on a CBDC.