Turkey Nears Conclusion of Crypto Legislation Studies: Finance Minister Update

• Turkey Nears Completion of Crypto Regulatory Framework
• Crypto Regulatory Goals
• Proposed Crypto Legislation
• Timeline for Legislation

Turkey Nears Completion of Crypto Regulatory Framework

Turkey is on the brink of finalizing technical studies to establish a comprehensive crypto regulation, as per recent statements made by Finance Minister Mehmet ÅžimÅŸek. The news emerged this Wednesday via a local source in Turkey. The country has been swiftly laying down the groundwork for cryptocurrency rules as a part of its wider strategy to exit the gray list of the Financial Action Task Force (FATF), a global watchdog that has flagged the nation for needed improvements in anti-money laundering measures.

Crypto Regulatory Goals

ÅžimÅŸek has earlier pointed out that the government is nearing the end of drafting legislative proposals for the crypto industry. He was quoted saying, Our main objective with crypto asset regulation is to promote confidence in this sphere and mitigate potential risks, in a conversation with Anadolu Agency, a local news network.

Proposed Crypto Legislation

The proposed regulation provides an extensive definition of crypto assets. They are described as intangible assets that can be created and stored electronically using distributed ledger technology or a similar technology, distributed over digital networks, and capable of expressing value or rights, as per ÅžimÅŸek.

Under the proposed laws, Turkey's Capital Markets Board (CMB) will be tasked with the responsibility of licensing crypto exchanges. Moreover, these exchanges will have to meet minimum operating conditions akin to those required for financial institutions.

Timeline for Legislation

ÅžimÅŸek mentioned that the crypto legislative proposals would be finalized this month. This is a move strategically planned ahead of the FATF evaluation scheduled for February.

Edited by Jonathan Stoker