The Capital Markets Board of Turkey (CMB), the country's financial regulator, plans to regulate crypto markets, local news outlet Hurriyet has reported quoting several sources.
The regulator is reportedly working on the development of a guide to serve as a basis for observing, auditing and regulating local crypto markets.
The country's government is concerned about the risks investors are exposed to in crypto markets and has asked the CMB to develop a regulatory framework to safeguard their rights.
According to experts, the development of a legislative framework can have a positive effect on the market, since both regulators and investors will have a legal base to guide their activity. In addition, the regulation of the crypto market will attract investors who had not invested in cryptos before due to the lack of regulation.
In September iHodl reported Turkey plans to develop a national blockchain infrastructure in order to integrate crypto's underlying tech into the public administration.
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