The post Turkey’s New Crypto Market Regulations to Focus on Licensing and Taxation! appeared first on Coinpedia Fintech News

Turkey’s new crypto market regulations, expected to be implemented in 2024, are likely to focus on licensing and taxation, according to sector officials. The move comes as Turkey seeks to address concerns raised by the Financial Action Task Force (FATF) and shed its gray-list status. The country ranked fourth globally in raw crypto transaction volumes last year, with a boom in trading driven by soaring inflation and a plunging lira currency. Regulations could include licensing standards, capital adequacy requirements, measures to improve digital security, custody services, and proof of reserves. Turkey’s Finance Minister, Mehmet Simsek, said new legislation covering crypto-assets would be introduced as soon as possible to comply with FATF’s last remaining recommendation.

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