Turkey to Wrap Technical Studies Ahead of Introducing Crypto Legislation, Finance Minister Says

TLDR

– Turkey is completing technical studies to formulate cryptocurrency regulations, according to Finance Minister Mehmet Şimşek.
– The aim is to increase trust in the crypto sector and mitigate associated risks.
– The legislation will include licensing requirements for crypto exchanges, overseen by the Capital Markets Board (CMB).
– The government hopes to finalize the legislation this month before an evaluation by the Financial Action Task Force (FATF) in February.

Turkey is in the “final stage” of completing technical studies for forming crypto regulation, according to the country’s Finance Minister Mehmet Şimşek, CoinDesk Turkey reported on Wednesday. The nation has been speedily preparing crypto laws as part of broader efforts to leave the global watchdog, Financial Action Task Force’s (FATF), gray list for countries on notice for anti-money laundering measures needing improvement. Şimşek has previously said the government is in the final stages of drawing up legislative proposals for the sector. “Our main goal with crypto asset regulation is to increase trust in this area and eliminate the risks that may arise,” Şimşek told local news outlet Anadolu Agency . The planned legislation includes a broad definition of crypto assets as “intangible assets that can be created and stored electronically using distributed ledger technology or a similar technology, distributed over digital networks, and capable of expressing value or rights,” according to Şimşek. The country’s Capital Markets Board (CMB) will be in charge of licensing crypto exchanges and be subject to minimum operating conditions similar to financial institutions. Şimşek has said the crypto legislative proposals will be ready this month, ahead of the FATF evaluation scheduled for February.