Lawmakers in Turkey are primed to present a draft law on cryptocurrency regulation to the parliament this week, as reported by local outlet Daily Sabah. The Ruling Development and Justice Party (AK Party) chairperson presided over a crucial meeting to finalize preparations for the draft legislation.

The proposed regulations are designed to mitigate risks for individuals engaging with cryptocurrencies. They specifically aim to bring cryptocurrency trading platforms under the oversight of the Capital Markets Board (SPK) for licensing and supervision. Key aspects of the regulations also encompass guidelines for the secure storage of customers' funds and the implementation of penalties for non-compliance. Further operational details for these platforms will be determined through subsequent regulations developed separately.

Earlier announcements by Turkish Finance Minister Mehmet Simsek indicated that the country's crypto regulations were nearing completion, with a primary focus on diminishing trading risks associated with cryptocurrencies while establishing operational standards and licensing for trading platforms. Additionally, adherence to these regulations could facilitate Turkey's alignment with the Financial Action Task Force's standards.

A recent Statista study highlighted Nigeria and Turkey as front-runners in crypto adoption and the percentage of crypto users among 56 countries as of February 2024. Both nations boasted 47% of internet users reporting ownership or usage of cryptocurrencies. Intriguingly, the study underscored a lag in crypto adoption rates among surveyed North American and European countries, highlighting the flourishing crypto culture in Nigeria and Turkey.

Nigerians and Turks embrace cryptocurrencies as solutions to economic challenges such as high inflation, currency devaluation, and constrained access to traditional banking services. Cryptocurrencies are viewed as safeguards against inflation and currency devaluation, offering enhanced financial inclusivity and global market accessibility.