Turkey Prepares Major Crypto Rulebook for 2024
In response to the burgeoning crypto landscape, Turkey is poised to introduce a comprehensive regulatory framework in 2024, marking a significant step to stabilize an industry that has thrived amid economic uncertainty fueled by inflationary pressures.
These forthcoming regulations are anticipated to encompass a wide spectrum, focusing on exchange operations, cybersecurity protocols, and the safeguarding of digital assets, aiming to inject transparency and accountability into this rapidly evolving sector.
The commitment of Finance Minister Mehmet Simsek to revamp existing legislation is in alignment with Turkey’s strategic intent to extricate itself from the Financial Action Task Force’s (FATF) “gray list.”
This overhaul, a result of extensive consultations over a two-year period, not only targets addressing the FATF’s concerns regarding inadequate oversight of virtual asset service providers but also aims to fortify Turkey’s financial ecosystem against potential money laundering risks.
The surge in crypto adoption, soaring by a significant 31% in Q2, reflects a growing interest among Turkish investors seeking alternative avenues amidst the devaluation of the Turkish lira.
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However, recent enforcement actions against exchanges such as Thodex and penalties imposed on industry giant Binance have underscored the pressing need for robust regulatory measures to safeguard investors’ interests and ensure market integrity.
Turkey’s concerted efforts align with established anti-money laundering laws, with oversight and regulation entrusted to entities like the Ministry of Finance and Treasury, the Banking Regulation and Supervision Agency (BDDK), and the Capital Markets Board (SPK).
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
