Turkey’s crypto regulation is at the final stage: report

  • Turkey’s crypto regulation seeks to align the country’s anti-money laundering laws with the scope of the Financial Action Task Force (FATF) as it looks to get off the “grey list”.
  • Minister of Treasury and Finance Mehmet Simsek says the crypto asset regulation framework has reached the technical stage.

Turkey has advanced the legal framework for crypto regulation to the final stage, Mehmet Simsek, the country’s Minister of Treasury and Finance, said on Wednesday.

A report by local media outlet Anadolu Agency states that once finalised, the legislation will see Turkish authorities and regulators apply the clarity the law gives to promote blockchain development and to protect crypto users.

Crypto legislation to align with international practices

According to Simsek, interest in crypto assets has grown significantly across the Turkish population, particularly with regard to buying and selling of crypto assets on cryptocurrency exchanges and trading platforms. 

This, however, has come with various risks, including fraud on some exchanges. The government official also highlighted the potential for manipulation and risks of wild price movements.

The regulatory framework reaching the technical stage means the country is a step closer to aligning its crypto regulatory landscape with international practices.

The legislation will also see Turkey’s crypto regulation align with the international requirements as captured by the Financial Action Task Force (FATF).

Among regulatory requirements to be rolled out with the final implementation will be the obligation for cryptocurrency trading platforms to register for and obtain licences. Simsek also noted that Turkey was looking to align its regulatory rules with international law as applied to founders, and managers. The legal obligations will also extend to capital management.

As CoinJournal 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”.

Added to the list in 2021, Turkey’s appearance means it’s one of the countries currently having an insufficient crackdown on anti-money laundering (AML) and terrorism financing.

All Dutch and English crypto news!

DeFi risk manager Gauntlet partners with Morpho days after dumping Aave

The DeFi risk management firm made the jump to Morpho less than a week after parting ways with rival lending protocol Aave. News Own this piece of...

Weekend Bitcoin trading drops due to TradFi institutions and spot ETFs

The share of weekend Bitcoin trading volume has been in decline since 2018 but has dropped considerably since the U.S. launch of spot Bitcoin ETFs...

Kraken launches institutional arm aiming to cash in on Bitcoin ETFs

The crypto exchange launched a new institutional-focused brand angling for more clients after the U.S. approved spot Bitcoin ETFs. News Own this piece of crypto history Collect this...

MicroStrategy a ‘timely play’ on Bitcoin halving, $990 target price: Benchmark

MicroStrategy’s Bitcoin holdings have passed $11 billion and its shares could gain from increased institutional Bitcoin demand and the cryptocurrency’s halving, says Benchmark. News Own this piece...

Beste exchanges

Koop je crypto bij Bitvavo