🔐 Licensing & Taxation in Focus: Turkey is considering new regulations for its crypto market, emphasizing licensing and taxation. The goal is to remove the country from the Financial Action Task Force's (FATF) grey list.
🚫 Safeguards Against Abuse: Proposed regulations will include specific licensing standards to prevent system abuse, covering capital adequacy, digital security, and reserve verification.
📈 Turkey's Crypto Position: Turkey ranks fourth globally in crypto transactions, with significant volumes over the past year.
🏦 Grey List Implications: Being on the grey list indicates weaknesses in combating financial crimes like money laundering. Turkey aims to amend these deficiencies with new legislation.
🗣️ Industry Response: Industry experts emphasize the urgency of regulation, including licensing for virtual asset service providers, to ensure compliance and expedite removal from the grey list.