Turkey is taking steps towards regulating the use of cryptocurrencies in the country, with the aim of aligning its laws with those of the international community. This move is also expected to help Turkey get off the “grey list” of countries that do not have strong measures in place to prevent money laundering and terrorism financing.
According to Mehmet Simsek, Turkey’s Minister of Treasury and Finance, the crypto asset regulation framework has reached the technical stage, bringing the country closer to aligning its regulatory landscape with international practices. The legislation will require cryptocurrency trading platforms to register and obtain licenses, while also imposing legal obligations on founders, managers, and capital management.
Simsek also acknowledged the growing interest in cryptocurrencies in Turkey, particularly in terms of buying and selling on exchanges and trading platforms. However, this has also come with risks, such as fraud and price manipulation. The government aims to address these risks and promote the development of blockchain technology while protecting crypto users.
The finalization of the regulatory framework is also seen as a crucial step in persuading the Financial Action Task Force (FATF) to remove Turkey from the “grey list”. Inclusion in this list in 2021 means that Turkey’s measures against money laundering and terrorism financing are not up to par with international standards.
In conclusion, Turkey’s efforts to regulate cryptocurrencies are a significant step towards promoting a safer and more secure environment for crypto users, while also aligning with international practices. This is an important move for the country in its bid to get off the “grey list” and improve its standing in the global community.
