Statement from Mehmet Şimşek Regarding Cryptocurrency Regulation

One of the issues that has been talked about for a long time in our country is Regulation on cryptocurrency markets. The government took steps on the issue a long time ago, but no concrete steps have been taken for years. However, this situation seems to change in 2024. At least Mehmet Simsek The statement made by shows that the regulation is now very soon.

In an interview with Anadolu Agency, Minister of Treasury and Finance Mehmet Şimşek said that in the legal regulation has reached the final stage he explained. Stating that they will both make the sector safe and eliminate risks with this regulation, Şimşek said that the regulation details He also spoke about.

Will be compatible with international regulations

According to the statement made by Mehmet Şimşek, cryptocurrency regulation will have a structure compatible with international regulations. Financial Action Task Force for the Prevention of Money Laundering (FATFMinister Şimşek underlined that this is important to get out of the gray list within the scope of )When we look at foreign practices at this stage, countries’ their own financial and legal systems. We see that they are progressing by adopting appropriate approaches.” he said.

Cryptocurrency exchanges will be covered by regulations like local exchanges

Mehmet Şimşek, cryptocurrency company serving in Turkey stock exchanges He made the following statements about what to expect:

Crypto asset trading platforms are subject to regulation by the CMB. license will be given, similar to financial institutions, minimum operating conditions will be required. These will be in the form of conditions for founders and managers, organizational obligations, capital requirements, and IT infrastructure obligations. Details of activity conditions will be determined by secondary regulation. Of course, while making these arrangements, it is necessary to make some definitions. Crypto assets in compliance with international regulations, purse, crypto asset service provider, crypto asset custody service and crypto asset trading platform definitions were included. In our draft, crypto assets are defined in broad terms. Accordingly, crypto assets were defined as ‘intangible assets that can be created and stored electronically using distributed ledger technology or similar technology, distributed over digital networks, and capable of expressing value or rights’. Considering that the definitions to be made within certain limits may not cover different crypto assets that may arise in the future, the definition in the most inclusive way was intended to be created.

There will be no interference with cryptocurrency listings. Tax regulation is in the background!

There are thousands of altcoins in the cryptocurrency markets, and their number is increasing day by day. These altcoins are included in exchange listings from time to time. Mehmet Şimşek was very involved in this process. will not interfere told. Also, taxation is on the backburner for now. Lightning, taxation He stated that a separate study was being focused on.

“Our approach is not restrictive, it is based on eliminating uncertainties and controlling possible risks. At the same time, we aim to pave the way for the development of blockchain technology and crypto asset ecosystem.” Minister Şimşek said, regarding when the regulation will come to the agenda of the Turkish Grand National Assembly. he did not say anything.

Have you heard about the USA’s latest manipulation attempt on cryptocurrency markets?