Turkey is in the final stages of developing comprehensive regulations and laws for the crypto sector. This is to build trust and reduce risks, as Finance Minister Mehmet Şimşek disclosed. The efforts to establish cryptocurrency laws align with Turkey’s broader objective of getting removed from the Financial Action Task Force’s (FATF) gray list, which identifies countries requiring enhancements in anti-money laundering measures.
Urgency of Crypto Legislation
Turkey is currently in the last phase of conducting technical studies to expedite the regulatory process. This is for the formulation of cryptocurrency legislation. It further reflects a commitment to meeting international standards and addressing concerns related to money laundering in cryptocurrency. Finance Minister Şimşek highlighted the government’s dedication to eliminating risks associated with cryptocurrencies and fostering trust in the evolving financial landscape.
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Definition of Crypto Assets
The proposed legislation and laws offer a comprehensive definition of crypto assets in Turkey. It classifies them as “intangible assets that…
