Capital Markets Board of Turkey (CMB) is reportedly looking into providing regulation for crypto transactions.

Specifically, the CMB – in charge of regulation-related matters for the Turkey securities market – is reportedly drafting guidelines, which sets to offer observation, auditing, and regulation for the nation’s crypto markets. 

The government of Turkey has expressed worries, concerning the current level of security towards crypto markets-focused investors, hence, it has assigned CMB with the task of coming up with a regulatory framework for the market. To be in line with the request from the authorities, CMB is putting in extensive efforts to roll out the auditing and regulatory guidelines in 2020 for Turkey. 

Alphan Gogus – Huobi Turkey General Manager – reportedly remarked that the positive measures applied by regulatory body of Turkey will amp up the adoption rate in the region. 

“which will lead to a growth in the active user base and trading volume, thus the value of the Turkish crypto market will increase. a regulatory framework would eliminate any possible negative effects of bad practices across the industry and foster cooperation with financial institutions.” He further stated. 

“The crypto industry needs sustainable growth, so any news regarding crypto regulation is welcomed. Having a regulatory framework for crypto that ensures the security and sustainability of local and global contributions would pave the way for new investments, employment, and innovation.” Cagla Gul Senkardes – head of Menapay – further provided his perspective, concerning the development of crypto ecosystem in Turkey.