Regulation of Cryptocurrencies in Turkey

Turkey is finalizing its regulations on crypto assets to bring licensing and operating standards to trading platforms, according to Finance Minister Mehmet Simsek. These rules aim to mitigate trading risks and remove Turkey from the international financial crime watchdog’s “grey list.” Crypto asset trading platforms will be licensed by the Capital Markets Board (CMB), with minimum operating standards, including conditions for founders and managers, organizational obligations, and capital requirements. Turkey, ranking fourth globally in raw crypto transaction volumes, has seen a digital currency boom driven by economic instability. In response to being placed on the FATF grey list, Turkey is addressing regulatory gaps, including licensing requirements for Virtual Asset Service Providers. The focus of the initial regulation draft is not on taxation but on enhancing safety and eliminating risks in the crypto asset ecosystem. Simsek emphasized the goal of fostering blockchain technology development and ensuring a secure environment for crypto asset activities.

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