Türkiye: Cryptocurrency legislation has entered its final stages! Exchanges must meet regulatory requirements

Since 2018, Turkey has experienced economic crisis, inflation, and devaluation of its legal currency. These factors have led many Turks to consider crypto assets as investment options, and the government has also begun to pay attention to cryptocurrencies. legislative work.

According to a report by CoinDesk, Turkish Finance Minister Mehmet Şimşek said that Turkey is currently completing the final stages of developing cryptocurrency regulatory technology. It is reported that cryptocurrency legislative proposals will be ready this month, one month earlier than previously expected by the global Financial Action Task Force (FATF).

Turkey Finance Minister: The purpose of crypto regulation is to build trust and eliminate risks

Mehmet Şimşek revealed that Turkey plans to define crypto assets as “electronically created, stored and distributed on digital networks” Intangible assets that carry value or rights and can be traded using distributed ledger technology or similar technologies."

Turkey’s Capital Markets Board (CMB) will regulate cryptocurrency exchanges and require them to adhere to minimum operating conditions similar to those of financial institutions.

Mehmet Şimşek said that the ultimate goal of crypto regulation is to build trust and eliminate risks. When it comes to the regulation of crypto-assets, our main goal is to increase trust in the sector and eliminate the risks that may arise.

Turkey is the fourth largest crypto asset trading market in the world

According to a report by Binance Research on November 14, 2023, Turkey’s cryptocurrency market is growing rapidly, and the country’s people Acceptance of crypto assets is quite high. According to the survey, approximately 40% of Turkish citizens currently hold cryptocurrency investments, and 73% of respondents expect that the number of cryptocurrency investors will continue to increase in the next five years. This shows that Turkey is becoming an important cryptocurrency market and that its population’s interest and confidence in this space continues to grow.

It is worth mentioning that crypto assets are increasingly popular among locals, even surpassing traditional investment categories such as bonds, stocks and precious metals. This makes Türkiye the fourth largest crypto-asset trading market in the world, surpassing other major economies.

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