Turkey Nears Completion of Crypto Framework; Minister Confirms FATF Compliance
Turkey’s Minister of Treasury and Finance, Mehmet Simsek, announced that Turkey is reportedly in the final stages of preparing a legal regulation for crypto assets. He also shared insights into the imminent cryptocurrency law and compliance with the Financial Action Task Force (FATF) standards, emphasizing its broad definition.
In an interview on January 10 with Anadolu Agency in Turkey, Şimşek revealed details about the regulatory approach. Şimşek stated that there had been significant interest in crypto asset buying and selling platforms, bringing both opportunities and risks.
Şimşek emphasized the need to take steps to mitigate risks associated with abuse on some platforms and excessive price movements. He stated that these steps align with international practices and are part of the efforts to get out of the gray list of the Financial Action Task Force (FATF).
Internationally, various countries, including the USA and European nations, adopt different practices in regulating crypto assets. Şimşek expressed the need for Turkey to take regulatory steps that align with its financial and legal systems. He emphasized the importance of staying informed about global developments.
The draft regulations include inclusive definitions for crypto assets, wallets, crypto asset service providers, crypto asset custody services, and crypto asset buying and selling platforms. Şimşek has laid out an example of crypto assets’ definition:
Crypto assets are broadly defined 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.”
Şimşek highlighted that the Central Bank and the
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