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Türkiye Plans Crypto Regulations, These Are the Main Points

Previously, according to Turkish Finance Minister Mehmet Simsek, the draft cryptocurrency regulations were expected to help the country get off the gray list. Once implemented, these new regulations will also minimize the risks of trading crypto assets.

In remarks published by Reuters, the Minister of Finance revealed the name of the body that will issue licenses for crypto platforms as well as the required operating standards.

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“The crypto asset trading platform will be licensed by the Capital Markets Board (CMB), and minimum operating standards will be required, including several requirements for founders and managers, organizational obligations, capital requirements,” said Simsek, quoted from Bitcoin.com, Sunday (4/2 /2024).

In October 2021, Turkey was placed on the gray list after anti-money laundering and terrorist financing mechanisms were deemed ineffective by the Financial Action Task Force (FATF). Since then, Türkiye has attempted to address some of the issues or concerns raised by the FATF.

According to the FATF's July 2023 report, Turkey has made some progress in addressing most of the technical compliance deficiencies revealed in the watchdog body's 2019 Joint Evaluation Report.

The country was then reassessed based on six recommendations. However, the global watchdog also noted in the same report that Turkey's ability to regulate virtual asset service providers (VASP) may be affected by the lack of laws requiring them to license or register.

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Meanwhile, Simsek stated that Turkey's goal of making crypto trading safer does not mean the country is against new technologies such as blockchain. He explained:

“We aim to pave the way for the development of blockchain technology and the crypto asset ecosystem,” concluded Simsek.

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Türkiye Plans Crypto Regulations, These Are the Main Points

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