Minister of Treasury and Finance Mehmet Şimşek announced that significant progress has been made in the regulatory framework for cryptocurrencies in Turkey. According to a recent article by TRT Haber, Minister Şimşek emphasized that the legal regulation regarding cryptocurrencies has reached its final stage and emphasized that the risks brought by the increasing interest in crypto assets during and after the epidemic should be addressed.
Key points of Minister Şimşek’s cryptocurrency statements
1. Security and risk reduction
Minister Şimşek emphasized that the primary purpose of cryptocurrency regulation is to increase the security of the sector and reduce potential risks that may arise from both misuse on certain platforms and excessive price movements.
2. Definitions for cryptocurrencies
The Minister stated that the legal framework aims to regulate transactions on cryptocurrency trading platforms by requiring a license from the Capital Markets Board (CMB). Minimum operational conditions will include criteria for founders and directors, organizational responsibilities, capital requirements and information technology infrastructure. Additionally, a comprehensive definition of crypto assets, wallets, service providers, storage services and trading platforms has been proposed to align with international standards.
3. CMB’s cryptocurrency authority
Minister Şimşek stated that the CMB will be given the authority to regulate the issuance of crypto assets and will allow intervention when necessary. The draft also addresses the risk of misuse of assets by outlining measures and sanctions, along with special regulations to be established by the CMB regarding storage principles and appropriate institutions.
4. Taxes are postponed for now
Regarding taxation, Şimşek explained that the current focus of the regulation is not taxes and that this issue will be discussed separately in future discussions. This approach overlaps with the plan to combat financial crimes, as stated in previous statements.
5. International compliance and risk reduction
Minister Şimşek emphasized that the ongoing studies aim to reduce the risks of the parties involved in transactions with cryptocurrencies and to bring the practices in Turkey in line with international standards. This initiative is also seen as a step towards addressing the technical standards set by the Financial Action Task Force (FATF) in order to improve the country’s position.
6. Global regulatory environment
The Minister acknowledged the various regulatory approaches to cryptocurrencies globally, with different practices observed in the United States and European countries. Turkey aims to create a framework that not only meets international standards but also takes into account the unique challenges presented by the local market. As a result, Turkey is focused on improving security, reducing risks and complying with international standards.
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