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Final Countdown: Turkey Nears Completion Of Crypto Regulation Framework, Reveals Minister

Press Releases Crypto News Bitcoinist Final Countdown: Turkey Nears Completion Of Crypto Regulation Framework, Reveals Minister

Turkey’s finance minister, Mehmet Simsek, has recently announced that the nation’s crypto regulations are in their “final stages.” This development is a critical step towards establishing a regulated environment for crypto asset trading platforms within the country.

According to the report, these impending regulations are designed to mitigate the risks associated with trading in crypto assets.

One of their primary objectives is to facilitate Turkey’s removal from the Financial Action Task Force’s (FATF) “grey list,” which identifies countries with insufficient measures against money laundering and terrorist financing. Simsek emphasized this in his statement, underlining the country’s effort to align with global financial security standards.

Establishing A Regulated Crypto Trading Environment

The proposed regulations outline a licensing framework for digital currency asset trading platforms overseen by Turkey’s Capital Markets Board (CMB). This framework will introduce minimum operating standards, including specific requirements for founders and managers, organizational obligations, and capital stipulations.

As reported by Reuters, Simsek’s announcement reflects Turkey’s approach to integrating crypto assets into its regulated financial landscape.

Notably, this regulatory move comes against Turkey’s significant position in the global crypto market. The country ranked fourth worldwide in raw crypto transaction volumes, trailing only behind the US, India, and the UK, as per Chainalysis’s report.

According to Reuters, the surge in digital currency transactions within Turkey has been primarily attributed to the nation’s struggle with high inflation and the lira’s depreciation against the dollar.

Turkey’s Additional Efforts To Exit The FATF Grey List

Turkey’s efforts to exit the FATF’s grey list extend beyond the digital currency regulation sphere. According to Finance Minister Simsek’s parliamentary commission meeting late last year, Turkey has Go to Source to See Full Article
Author: Samuel Edyme

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