Turkey is advancing its regulatory approach to cryptocurrencies, emphasizing the need for exchange licensing.
In Brief
The Turkish Minister of Finance has revealed that the framework for regulating cryptocurrencies is close to being finalized, and he has put forth a plan to license crypto exchanges.
The Treasury and Finance Minister of Turkey has announced that they are nearing the completion of the technical aspects necessary for regulating cryptocurrencies. The forthcoming regulations will task the Capital Markets Board (... Mehmet Şimşek ) with the responsibility of licensing cryptocurrency trading platforms to streamline oversight of their operations. SPK The anticipated cryptocurrency legislation, which is set to be introduced to the Parliament, aims to enhance the safety of the crypto sector, mitigate potential risks, and support the expansion of the...
and promote a flourishing cryptocurrency ecosystem. This new legislation intends to align Turkey’s regulatory strategies with global standards for crypto oversight. Blockchain technology According to Mehmet Şimşek, while the Central Bank and the Turkish Financial Crimes Investigation Board (...
) have initiated certain regulations regarding the crypto sector, additional measures are recognized as essential. MASAK The minister stated that the key goal of the...
is to regulate trading platforms and transactions in the cryptocurrency market, with the SPK being assigned the role of issuing licenses to these platforms. cryptocurrency regulation Strict operational criteria will be enforced, encompassing requirements related to the founders and management teams, organizational duties, capital thresholds, and tech infrastructure, reflecting similar rules for traditional financial entities.
Further details about these operational conditions will be specified in subsequent regulations. Currently, there is no discussion of taxation within this regulation, suggesting that tax issues will be handled at a later stage.
Turkey is taking proactive steps towards cryptocurrency regulation.
The country is striving to eliminate its status on the grey list associated with money laundering and aims to meet the standards established by the Financial Action Task Force (FATF). This regulation introduces necessary measures and responsibilities to prevent misuse.
From July 2022 through June 2023, Turkey ranked fourth globally in terms of raw crypto transaction volumes, amassing approximately $170 billion, trailing only behind the United States, India, and the United Kingdom.
According to the Chainalysis report Turkey’s energetic approach to cryptocurrency regulation, including the implementation of new laws, highlights its commitment to aligning with global norms and nurturing a secure and vibrant crypto ecosystem.
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In line with the Trust Project guidelines Alisa, a passionate journalist for Cryptocurrencylistings, specializes in areas such as cryptocurrency, zero-knowledge proofs, investments, and the vast world of Web3. With a sharp focus on emerging trends and technologies, she provides in-depth coverage that both informs and captivates readers within the fast-changing landscape of digital finance.
