Bitcoin
Bitcoin (BTC)
$62,086.00 -0.44902
Bitcoin price
Ethereum
Ethereum (ETH)
$2,428.75 0.29639
Ethereum price
BNB
BNB (BNB)
$583.11 2.33737
BNB price
Solana
Solana (SOL)
$142.73 -0.30913
Solana price
XRP
XRP (XRP)
$0.528759 0.05441
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000176 1.8649
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000096 0.76631
Pepe price
Bonk
Bonk (BONK)
$0.0000208 -1.31939
Bonk price
Bitcoin
Bitcoin (BTC)
$62,086.00 -0.44902
Bitcoin price
Ethereum
Ethereum (ETH)
$2,428.75 0.29639
Ethereum price
BNB
BNB (BNB)
$583.11 2.33737
BNB price
Solana
Solana (SOL)
$142.73 -0.30913
Solana price
XRP
XRP (XRP)
$0.528759 0.05441
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000176 1.8649
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000096 0.76631
Pepe price
Bonk
Bonk (BONK)
$0.0000208 -1.31939
Bonk price
Bitcoin
Bitcoin (BTC)
$62,086.00 -0.44902
Bitcoin price
Ethereum
Ethereum (ETH)
$2,428.75 0.29639
Ethereum price
BNB
BNB (BNB)
$583.11 2.33737
BNB price
Solana
Solana (SOL)
$142.73 -0.30913
Solana price
XRP
XRP (XRP)
$0.528759 0.05441
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000176 1.8649
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000096 0.76631
Pepe price
Bonk
Bonk (BONK)
$0.0000208 -1.31939
Bonk price
Bitcoin
Bitcoin (BTC)
$62,086.00 -0.44902
Bitcoin price
Ethereum
Ethereum (ETH)
$2,428.75 0.29639
Ethereum price
BNB
BNB (BNB)
$583.11 2.33737
BNB price
Solana
Solana (SOL)
$142.73 -0.30913
Solana price
XRP
XRP (XRP)
$0.528759 0.05441
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000176 1.8649
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000096 0.76631
Pepe price
Bonk
Bonk (BONK)
$0.0000208 -1.31939
Bonk price

Turkey nears completion of comprehensive crypto regulation framework

turkey-nears-completion-of-comprehensive-crypto-regulation-framework
Edited by
News
Turkey nears completion of comprehensive crypto regulation framework

The Turkish government is set to establish legal definitions for key cryptocurrency concepts, regulate trading platforms through licensing, and align with the standards of the Financial Action Task Force (FATF).

In an interview with the Anadolu Agency on Jan. 10, Turkish Minister of Treasury and Finance Mehmet ÅžimÅŸek confirmed that the cryptocurrency framework tailored for the Turkish market is nearing completion, with current efforts focused on evaluating the technical aspects of its implementation.

ÅžimÅŸek emphasized that the upcoming regulations aim to mitigate the risks associated with cryptocurrency trading, protecting ordinary investors. Key aspects of these regulations include legal definitions of crucial crypto-related terms such as “crypto assets,” “crypto wallets,” and “crypto asset service providers.”

Additionally, the guidelines will mandate that crypto platforms acquire licenses from Turkey’s Capital Markets Board (CMB).

ÅžimÅŸek clarified that while the regulations provide a clear framework for crypto trading, they will not establish a specific tax regime for virtual assets. He also provided an example of how crypto assets will be defined: as intangible assets that are electronically created and stored using distributed ledger technology or similar, distributed over digital networks, and capable of representing value or rights.

This move towards regulation follows Turkey’s consideration of crypto regulation since May 2022. The AK Party, led by President Recep Tayyip Erdogan, previously proposed a minimum capital requirement of 100 million liras (equivalent to $3.4 million) for crypto businesses, although this proposal has not yet been publicly discussed.

In early November 2023, ÅžimÅŸek announced the introduction of crypto legislation, highlighting Turkey’s compliance with 39 of the 40 FATF standards. The country aims to exit FATF’s “grey list,” which it has been on since 2021. This status has impacted confidence in Turkey’s economy, already strained by high inflation rates.

Amidst these economic challenges, cryptocurrencies have become increasingly popular in Turkey, offering an alternative financial option for many. Chainalysis, a blockchain analytics firm, reported that Turkey ranked fourth globally in crypto transaction volumes between July 2022 and June 2023, with about $170 billion in activity, trailing only the United States, India, and the United Kingdom.