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 as per the report from sabah. Deputy Minister Sakir Ercan Gül said that the crypto law would be submitted to Turkey’s unicameral legislature, The Grand National Assembly of Turkey (TBMM), at the start of the next legislative year in October 2021.

Acknowledging that Turkey has free-floating premium offerings, in which the lira’s value is determined by the forex market, Gül stated that the country needs equivalent but tighter regulation for crypto assets than Western Europe or the United States.

The forthcoming bill outlines several forms of crypto assets, as well as the issuance and distribution of crypto assets, trading regulations, and the terms of crypto custodial services. Several safeguards, such as security clearance and collateralizing, would be implemented under the new legislative framework.

The Turkish Capital Markets Board (SPK) will be in charge of crypto-asset businesses, while the Banking Regulation and Supervision Agency (BDDK) will be in charge of auditing crypto sector participants.

However, the Turkish central bank prohibited the use of cryptocurrencies as a means of payment within the nation as part of the regulatory measures. It also prohibits payment providers from offering deposit or withdrawal services to cryptocurrency exchanges. Turkish customers can only deposit Turkish lira on cryptocurrency exchanges via wire transfers from their bank accounts.

Related: Tanzanian President intends to boost the Cryptocurrency sector

In April, Turkey’s central bank banned the use of cryptocurrencies and crypto-assets including Bitcoin to purchase goods and services, citing possible “irreparable” damage and significant transaction risks.

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