Turkey is making significant strides in its crypto regulation, with the legal framework now reaching the technical stage, according to the country’s Minister of Treasury and Finance, Mehmet Simsek. This development is part of the country’s efforts to align its anti-money laundering laws with the Financial Action Task Force (FATF) standards and get off the “grey list”.

As reported by local media outlet Anadolu Agency, the finalized legislation will enable Turkish authorities and regulators to apply the clarity provided by the law to promote blockchain development and protect crypto users. The move is seen as a step towards aligning Turkey’s crypto regulatory landscape with international practices.

Simsek noted that interest in crypto assets has significantly grown among the Turkish population, especially in buying and selling crypto assets on cryptocurrency exchanges and trading platforms. However, this has also brought about various risks, including fraud on some exchanges, potential for manipulation, and risks of wild price movements.

The upcoming legislation will require cryptocurrency trading platforms to register for and obtain licenses. It will also align Turkey’s crypto regulation with international requirements as outlined by the FATF. The legal obligations will extend to founders and managers, as well as capital management.

As highlighted in November last year, Turkey’s crypto asset law is part of the country’s effort to persuade FATF to remove it from the “grey list”. Turkey was added to the list in 2021, indicating that it currently has an insufficient crackdown on anti-money laundering (AML) and terrorism financing.

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Information Details
Geography Middle East
Countries 🇹🇷
Sentiment neutral
Relevance Score 1
People Mehmet Simsek
Companies Financial Action Task Force (FATF), CoinJournal, Anadolu Agency
Currencies None
Securities None

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