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Mehmet Şimşek Sets a Date for Turkey's Crypto Regulation! 👀🇹🇷
In the dynamic landscape of cryptocurrency, Turkey is making headlines with its forward-thinking approach to regulation, signaling a new era for the nation's crypto ecosystem.
A Commitment to Compliance:
Turkey's commitment to regulatory compliance is evident as it aligns with 39 out of 40 FATF standards. Finance and Treasury Minister Mehmet Şimşek is driving the nation towards full compliance through legal measures, aiming to achieve this milestone by January.
Progress Towards Grey List Removal:
The emphasis on active participation is set to be removed from the FATF grey list, with Turkey anticipating its removal in the coming year. Progress shared with FATF suggests positive developments that may soon see Turkey exiting the grey list.
Responding to Market Dynamics:
Dr. Cüneyt Dirican observes increased expectations for crypto asset regulation amid a declining trend in exchange rates and the growing prominence of the crypto market. The anticipated introduction of a new bill aims to bring heightened oversight to Turkey's crypto market.
Curbing Illicit Activities:
Proposed taxation on crypto transactions above a certain threshold is on the horizon to prevent illicit activities. Collaboration between the Ministry of Labor and Social Security and the Finance Ministry will set capital requirements, enhancing scrutiny in the sector.
Strengthening Regulatory Bodies:
MASAK is set to be granted authority in investigating suspicious transactions. Detailed regulations will cover principles for traders, conditions for asset storage services, and crypto companies operating under SPK supervision.
