Turkish authorities, alarmed by the spread of cryptocurrencies in the country, are reportedly ramping up efforts to introduce greater oversight into the sector. Local media revealed that regulators are under pressure to increase supervision in 2020 because of the growing popularity of decentralized crypto assets among Turks.
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Authorities Ask Market Watchdog to Develop Regulations
The Capital Markets Board of Turkey (CMB), the supervisory agency responsible for the securities market, is speeding up the development of mechanisms for stricter regulation of the cryptocurrency space. According to a report published by Hürriyet, a leading Turkish daily, the regulatory push comes in response to indicators showing that the share of cryptocurrency owners in Turkey is among the highest in the world.
A figure quoted by the newspaper places the country at the top of such rankings. Turkey has an estimated 1 million investors, the article notes, who have embraced the…