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Turkey’s crypto regulation nearing completion, says Finance Minister

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TLDR: The Turkish government is finalizing its crypto regulations, which will define critical concepts in crypto, license trading platforms, and comply with FATF standards. The regulations aim to reduce risks for investors and bring Turkey out of the FATF’s gray list. Crypto platforms will be required to obtain licenses from Turkey’s Capital Markets Board, and the regulations will provide legal definitions for various crypto-related terms. The government’s focus is on licensing and taxation. Turkey ranked fourth in global crypto transaction volumes between July 2022 and June 2023.

The Turkish Minister of Treasury and Finance, Mehmet Şimşek, has revealed that the country’s crypto regulations are in their final stages. The government plans to legally define critical concepts in crypto, license trading platforms, and comply with FATF standards. The regulations aim to reduce risks for investors and bring Turkey out of the FATF’s “gray list.”

The new guidelines will require crypto platforms to obtain licenses from Turkey’s Capital Markets Board (CMB). They will also provide legal definitions for terms such as “crypto assets,” “crypto wallets,” “crypto asset service providers,” “crypto asset custody service,” and “crypto asset buying and selling platforms.”

Turkish authorities have been considering crypto regulations for some time, with a focus on licensing and taxation. Their goal is to remove the country from the FATF’s “gray list.” Turkey ranked fourth globally in terms of raw crypto transaction volumes between July 2022 and June 2023, with approximately $170 billion in activity. The regulations will not cover the specific tax regime for virtual assets.

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