Aligning Turkey’s practices with international standards, these rules aim to limit the dangers involved with crypto trading for common investors.
Mehmet imşek, Turkey’s Minister of Treasury and Finance, has revealed crucial information regarding the upcoming cryptocurrency regulations that will govern the Turkish market.
Implementing licensing criteria for trading platforms, defining important cryptocurrency ideas legally, and following the international standards specified by the Financial Action Task Force (FATF) are all priorities for the government.
In an interview that took place on January 10th with the Anadolu Agency, Şimşek verified that the framework for regulating cryptocurrencies in Turkey is getting close to being finalized, with evaluations of its technological implementation continuing.
The regular people of Turkey will be better protected from the dangers of cryptocurrency trading thanks to new rules, which aim to bring the country in line with global standards.
According to Şimşek, “As a result, in accordance with global standards, we are implementing measures to mitigate the risks associated with parties trading crypto assets within our nation. To remove oneself off the “gray list,” this is also within FATF’s scope.”
Platforms that deal in cryptocurrencies in Turkey will be required, under the upcoming regulations, to get licenses from the Capital Markets Board (CMB).
Additional important terminology defined by these rules includes “crypto assets,” “crypto wallets,” “crypto asset service providers,” “crypto asset custody service,” and “crypto asset buying and selling platforms.”
Şimşek gave a clear example by explaining what crypto assets are: “intangible assets that can express value or rights that can be electronically generated and stored via distributed ledger technology or a similar technology, spread across digital networks.”
Nevertheless, it is important to acknowledge that the regulations will not govern the precise tax implications of virtual assets.
Turkey has been thinking about cryptocurrency rules for a long time, with licensing and taxation measures being the main ones to get the nation off FATF’s “grey list.”
Chainalysis, a blockchain analytics company, found that between July 2022 and June 2023, Turkey had around $170 billion in crypto activity, placing it fourth globally. The top three countries in this category were the US, India, and the UK.
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