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Turkish cryptocurrency <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">investors</a> are still curious about local regulations. Today, the Minister of Treasury made some statements. We had previously announced that crypto regulations were included in the 2024 agenda. Previous statements and rumors also suggested that these regulations would be implemented soon. So, what did Minister Şimşek say today?
<h2 style="text-align: justify" id="crypto-regulation-in-turkey">Crypto Regulation in Turkey</h2>
Today, the Minister of Treasury, Mehmet Şimşek, made a presentation at the Grand National Assembly of Turkey (TBMM) Planning and Budget Commission. Şimşek emphasized their determination to restore fiscal discipline and combat inflation, stating that structural reforms have been implemented. Among other details, what interested crypto investors were his statements about FATF.
<img decoding="async" class="size-full wp-image-272238 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/10/FATF.jpeg" alt="" width="715" height="431">
Turkey was placed on the gray list and shortly after Şimşek took office, he announced that they would fulfill their obligations and get out of this list as soon as possible. In this context, he emphasized that there is no longer any problem in terms of compliance with 39 out of the 40 standards set by the Financial Action Task Force (FATF) against Money Laundering.
Minister Şimşek stated that the only issue still under preparation within the scope of technical compliance is crypto assets.
<blockquote>
 “We are determined to increase our efforts in this regard. We are striving to remove our country from the gray list by achieving effectiveness in practice.”
</blockquote>
There is a strong belief worldwide that cryptocurrencies play a significant role in financing terrorism, and this issue has become even more prominent with the conflicts between Palestine and Israel.
<h2 style="text-align: justify" id="what-can-crypto-investors-expect">What Can Crypto Investors Expect?</h2>
First of all, if the Revenue Administration does not make any surprise decisions, it is expected that the legal status of cryptocurrencies will be determined and the taxation of cryptocurrencies will be clarified within 2024. However, the group including the Ministry of Treasury will need to clarify the legal status. The issues to be discussed will include strengthening KYC obligations specifically for FATF, taking steps regarding <a href="https://coin-turk.com/bitcoin-btc-rekoru-ripplea-xrp-yaradi-yfinin-ise-tahti-sarsiliyor" data-wpel-link="internal" rel="noopener noreferrer nofollow">DeFi</a>, and restrictions on cryptocurrency transactions in our country by individuals from countries sanctioned by the US.
After today’s statements, Tansel Kaya wrote the following on his X account regarding possible steps that can be taken:
<blockquote>
 “1. Introduce regulations regarding cryptocurrency exchanges. Do not allow individuals with money laundering risks to be partners in exchanges.
 2. Prevent unauthorized cryptocurrency buying/selling by individuals and institutions.
 If we do these, Turkey will be removed from the FATF gray list and become an investable country.
 What does this mean?
</blockquote>
<blockquote>
 Closure of shops that conduct transactions with cash
</blockquote>
<blockquote>
 Prevention of mutual cryptocurrency transactions by individuals
</blockquote>
<blockquote>
 Regulation on who can open an exchange
</blockquote>
<blockquote>
 Individuals associated with Iran, which is on the FATF blacklist, should not be partners or do business with cryptocurrency exchanges.”
</blockquote> Continue Reading: <a href="https://en.coin-turk.com/turkeys-crypto-regulation-what-did-the-minister-of-treasury-say/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/turkeys-crypto-regulation-what-did-the-minister-of-treasury-say/</a>

Turkey’s Crypto Regulation: What Did the Minister of Treasury Say?

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