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Breaking News: Polymarket Set To Go Live In The US Following CFTC Approval, Says CEO
Turkey Nears Completion Of Crypto Regulation Framework

Turkey Sets Sights On Crypto Control: New Era Of Licensing And Taxation Unfolds

Samuel Edyme
by Samuel Edyme
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a move to regulate the crypto market in its region, Turkey is gearing up to implement new rules centered on “licensing” and “taxation.” This development comes as the country sheds its status on the Financial Action Task Force’s (FATF) “grey list,” which flags potential risks in money laundering and financial crimes.

The upcoming regulations are expected to address concerns raised by the Paris-based financial watchdog, which had placed Turkey on this watchlist in 2021.

Related Reading: Turkey Intensifies Crypto Regulations In Bid to Exit FATF’s Grey List

A Balancing Act: Security, Investment, And Turkey’s Crypto Boom

Bora Erdamar, Director at BlockchainIST Center, highlighted that establishing licensing standards will be prioritized in the new framework. This measure aims to “prevent the abuse of the system,” according to Erdamar.

The Director at BlockchainIST Center, further added that the anticipated regulations might encompass capital adequacy requirements, digital security measures, enhanced custody services, and mandatory proof of reserves.

Introducing these regulations is a crucial step in Turkey’s efforts to comply with international standards and improve its financial reputation.

Meanwhile, according to Reuters, Turkey’s soaring interest in crypto has been largely fueled by persistent double-digit inflation, which reached 85% last year, and a significant devaluation of the lira against the dollar.

These economic challenges have driven Turkish investors towards digital currencies, with a survey by Binance Research revealing that more of them entered the crypto market in the past two years. As Turkey faces these economic headwinds, the proposed regulations are expected to safeguard investors and ensure stability in the country’s crypto sector.

Towards Regulatory Clarity: Turkey’s Push For Crypto Legislation And Taxation

Finance Minister Mehmet Simsek has indicated that the government is working swiftly to introduce legislation covering crypto-assets. This move addresses the FATF’s recommendations and enables Turkey to exit its grey-list status.

Mucahit Donmez, CEO of Binance Turkey, expressed optimism about the regulations disclosing that such standards, he believes, will contribute positively to the sector’s growth. Donmez noted:

We think that ensuring the security of users’ assets and setting up certain criteria in terms of minimum capital requirements, listings and custody, and requirements for platforms to obtain operation licenses will contribute positively to the sector.

The Turkish authorities have also revealed their intention to implement regulatory measures for cryptoasset service providers and establish taxation guidelines for digital virtual assets in 2024. According to Erdamar, a “reasonable taxation policy,” which does not deter investors, will be pivotal in building trust in the sector.

Related Reading: Ripple Provides $1 Million In XRP For Earthquake Relief In Turkey And Syria

Onur Altan Tan, a board member at Futurance Finance Tech & Fexobit, anticipates that the new regulations will clarify platform licensing criteria and introduce user taxation.

The global crypto market cap chart on TradingView
The global cryptocurrency market cap value on the 1-day chart. Source: Crypto TOTAL Market Cap on TradingView.com

Featured image from Unsplash, Chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Samuel Edyme

Samuel Edyme

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Edyme is a writer, a content writer that specialises in writing about the crypto realm. Asides Bitcoinist and NewsBTC, Edyme's writing has been featured in top sites such as Blockchain.News, CoinMonk, Blockchain Reporter, Bitcoin Insider among others.

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