ANKARA, Turkey, Tuesday, January 16, 2024 – Turkey is nearing the final stages of technical studies for establishing crypto asset regulations, Finance Minister Mehmet Şimşek said on Wednesday, January 10, 2024, at a public gathering. 1
Şimşek stated that the government aimed to finalize the technical studies “within the next few months,” indicating a potential swift move towards formal crypto legislation.
The announcement underscores Turkey’s ongoing efforts to address the regulatory grey area surrounding cryptocurrencies within its financial system.
Authorities have previously expressed concerns about potential risks associated with crypto assets, including money laundering and market manipulation.
The Financial Action Task Force (FATF), a global anti-money laundering watchdog, also highlighted Turkey’s lack of comprehensive crypto regulations in its recent country evaluation.
Details of the proposed regulations remain undisclosed, but previous statements from Turkish officials suggest the framework might include licensing requirements for crypto exchanges, mandatory reporting for crypto transactions, and investor protection measures similar to those applied to traditional financial products.
The proposed legislation broadly defines crypto assets as electronically created and stored intangible assets using distributed ledger technology.
The Capital Markets Board will oversee licensing for crypto exchanges, subject to conditions akin to those of financial institutions. The legislative proposals are expected to be finalized this month, ahead of the FATF evaluation in February.
- Blockonomi: https://blockonomi.com/turkey-lays-groundwork-for-crypto-clarity-with-landmark-regulations/[↩]
