While the work on cryptocurrency regulations in Turkey continues at full speed, Minister of Treasury and Finance Mehmet Şimşek said in his previous statements that it has come to an end.
Making new statements about cryptocurrency regulations, Mehmet Şimşek stated that they have reached the final stage in the technical studies of the legal regulation.
Speaking to Anadolu Agency, Şimşek said, “Our main goal with the cryptocurrency regulation is to make this area safer and to eliminate the risks that may arise.” said.
Stating that the legal regulations are not tax-oriented, Şimşek said that the taxation issue in cryptocurrencies will be regulated separately.
“Especially during and after the Covid-19 epidemic, there was intense interest in cryptocurrencies and trading platforms.
This interest brings with it various risks due to both abuses on some platforms and extreme volatility in prices.
Therefore, in our country, we are taking some steps to reduce the risks of parties transacting with cryptocurrencies, similar to international practices.
This is also one of the steps we need to take within the scope of FATF to get out of the gray list.
“With the regulations made by the Central Bank of the Republic of Turkey and MASAK on this issue, we have gained the opportunity to be informed about transactions and transfers on crypto trading platforms, but of course we need to do more than this.”
Stating that they follow international regulations and studies on cryptocurrencies, Minister Şimşek pointed out that there is no single regulation on this issue worldwide and that the USA and European countries follow different practices.
Finally, he stated that one of the main goals of the legal work on cryptocurrencies in our country is to regulate crypto platforms and the transactions that take place there, and said, “While doing these studies, it was necessary to make some definitions. Cryptocurrency, crypto wallet, crypto money service provider, crypto currency, crypto currency service provider, crypto currency, etc., in accordance with international regulations.” “Definitions of money custody service and cryptocurrency buying and selling platform were included.” he said.
*This is not investment advice.