Turkey Advances Crypto Regulation To Final Stage
Turkey’s Minister of Treasury and Finance, Mehmet Simsek, has announced the final stages of legal work on crypto assets.
The legislation aims to secure the crypto space and foster blockchain technology development. Crypto assets are described as “intangible assets created and stored electronically using distributed ledger technology.”
The inclusive approach aims to future-proof the legislation against emerging cryptocurrencies. Crypto asset trading platforms will require licenses from the Central Bank of the Republic of Turkey (CMB) and subject to operational requirements similar to those for financial institutions.
The legislation also includes detailed conditions for founders, managers, organizational obligations, capital requirements, and IT infrastructure. These measures align with international practices, addressing concerns about abuses and extreme price fluctuations.
(With inputs from Shikha Singh)
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