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Turkey’s financial regulator develops regulatory framework for cryptocurrency: Report

Wed, 08 Jan 2020, 09:59 am UTC

The Capital Markets Board of Turkey (CMB), the financial regulatory and supervisory agency of the country, has started developing a regulatory framework for the country’s cryptocurrency sector, Cointelegraph reported citing a report from Hurriyet.

As per the report, Turkish people are increasingly entering the crypto space – around 1 million people have become crypto investors. However, the country currently lacks any legal framework and regulation to tackle this emerging new sector.

Public authorities concerned with this latest development have entrusted the CMB to come up with a regulatory framework. In turn, the regulator intends to bolster its efforts to audit and regulate Turkey’s crypto markets this year.

The efforts to regulate the crypto sector follow the recent mandate by Turkish President Recep Tayyip Erdogan to finish the development of the country’s central bank digital currency (CBDC) this year. The pilot will involve setting up software platforms for instant payments, with the central bank collaborating with the Scientific and Technological Research Council of Turkey to oversee the initiative.

Meanwhile, the Turkish IT Ministry is also planning to establish the “National Blockchain Infrastructure” to integrate distributed ledger technology (DLT) in public administration. The strategy aims to put a priority on blockchain and DLT within the next 4 years.

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