Mehmet Şimşek, the Finance and Treasury Minister of the country, said the framework was almost ready, and only a few technical aspects of the Turkey crypto regulations are being examined.
A crypto framework in Turkey is in the final stages of development, said Mehmet Şimşek, the country’s Finance Minister. The minister claimed the new Turkey crypto regulations would define license trading platforms and critical concepts in crypto. At the same time, it will also follow Financial Action Task Force (FATF) standards. The minister revealed the progress of the crypto framework in a recent interview.
The crypto framework is getting fine-tuned in some technical aspects, he said. Meanwhile, he mentioned authorities would also aim to protect investors from risks in the industry with the new regulations. In a translated version of his interview, he stated, “Therefore, we are taking steps to reduce the risks of parties trading with crypto assets in our country, similar to international practices. This is also within the scope of FATF to get out of the gray list.”
The new regulations will clearly specify the different terms in crypto legally, including ‘crypto wallets,’ ‘crypto assets,’ and many others. Crypto asset service providers would also have to obtain licenses from the Capital Markets Board (CMB), a Turkish regulator.
The development is a big jump for crypto adoption in Turkey, which has always been a hub for the industry. In December 2022, Turkey started its first central bank digital currency trials of the Turkish Digital Lira. Its central bank was heading the project, which had the potential to increase crypto adoption.
In 2023, it also announced blockchain-based identities for its citizens, among other initiatives. In October 2023, the first plans for a national crypto framework emerged in the country. The same crypto framework is currently in its final stages.
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