Turkey’s deputy finance minister says a draft bill to create a cryptocurrency regulatory framework will be submitted to parliament in October, according to a report by CNN Türk.

Fast facts

  • The bill will define different types of virtual currencies and principles for their issuance and distribution. The country’s Capital Markets Commission will supervise companies handling digital assets and will introduce minimum capital requirements.
  • Turkish legislators intend to grant the Financial Crime Investigation Board supervisory power. The Banking Regulatory Agency will provide a monitoring mechanism for consumer protection, market integrity and competition.
  • The minister said Turkey needed to learn from, but be stricter than, Western Europe and the U.S. when it came to regulating cryptos.
  • Turkey has been increasingly active in regulating cryptocurrency. In July, Turkish authorities required crypto asset companies to submit their controllers’ information to the tax bureau.
  • In April, Turkish authorities banned cryptocurrency payments and required exchanges to report transactions involving more than US$1,200. The same month, cryptocurrency exchanges Thodex and Vebitcoin collapsed. Thodex was alleged to have been involved in a case of fraud worth $2 billion.