Turkey's Crypto Regulation Plans

🔐 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.

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