In Turkey, the project for licensing crypto exchanges is being finalized
According to Turkish Finance Minister Mehmet Simsek, the country's regulations on cryptocurrency assets, which should implement licensing standards for trading platforms, are in their final stages.
The regulations are aimed at reducing the risk of trading crypto assets, their goal is to help the country get out of the âgray listâ of the international financial crimes watchdog.
According to a report by analytics company Chainalysis, Turkey ranked fourth in the world in terms of cryptocurrency transactions at $170 billion over the past year, behind the United States, India and the United Kingdom.
The digital currency's popularity in Turkey has been fueled by double-digit inflation, which stood at around 65% last month, and a more than 80% drop in the lira's value against the dollar in five years.
