Turkey's crypto rules seen addressing licensing, taxation after boom
Turkey's new rules to regulate the crypto market are likely to focus on licensing and taxation, sector officials say, as the world's fourth-biggest crypto-trading country seeks to get off an international financial crime watchdog's «grey list».
Ankara promised the regulations last month amidst a years-long boom in crypto trading, as soaring inflation and a plunging lira currency drives a demand for alternative assets.
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Offering CollegeCourseWebsiteNorthwestern UniversityKellogg Post Graduate Certificate in Product ManagementVisitIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisitIndian School of BusinessISB Professional Certificate in Product ManagementVisit Turkey is also seeking to address concerns raised by Paris-based financial watchdog The Financial Action Task Force (FATF), which placed the country on its so-called grey list of countries at risk of money laundering and other financial crimes in 2021.
«Introducing certain licensing standards will be one of the top priorities in the new regulation,» said Bora Erdamar, director at BlockchainIST Center, a research and development center for blockchain technology, adding it will «prevent abuse of the system».
Regulations could also include capital adequacy requirements, measures to improve digital security, custody services and proof of reserves, Erdamar added.
Turkey ranked fourth globally in raw crypto transaction volumes, at approximately $170 billion over the last year, behind the United States, India, and the United Kingdom, according to a report by blockchain analytics firm Chainalysis.
It was 12th in the firm's crypto adoption index, reflecting Turks' desire to counteract
