Turkey's Cryptocurrency Regulatory Push

Turkey's Strive for Regulatory Clarity in Crypto Sector. Turkey is making noteworthy strides towards establishing regulatory clarity in the cryptocurrency sector. The country aims to secure regulatory approval from the Capital Markets Board (SPK) for cryptocurrency trading platforms.The Ministry of Treasury and Finance in Turkey has taken proactive measures by drafting legislation that mandates SPK to grant operational permits to crypto trading platforms. This initiative is part of Turkey's broader efforts to exit the Financial Action Task Force (FATF) gray list, with a specific focus on enhancing legal frameworks related to cryptocurrencies.Having already fulfilled 39 out of 40 criteria set by FATF, Turkey's pending legislation regarding crypto assets represents the final step for removal from the gray list. The draft legislation offers a comprehensive definition of crypto assets as "intangible assets representing value or rights."Key provisions include definitions for crypto asset service providers and storage services, along with measures addressing operational processes, investor protection, and the prevention of illicit activities in the crypto industry. The SPK will play a pivotal role in granting operational permits to crypto trading platforms, ensuring financial contributions, and taking action against financially weakened organizations.Individuals causing harm to customers' resources may now face embezzlement charges, potentially leading to up to 20 years of imprisonment. The legislation also streamlines the process of seizing assets of individuals involved in criminal activities, with a particular emphasis on combating money laundering and terrorism financing.Turkey's progress in regulatory developments signifies a significant step towards adopting a more active stance against money laundering and crime proceeds. In a parallel move highlighting the growing importance of cryptocurrencies and blockchain technology, the Central Bank of Turkey recently appointed a crypto expert to the Monetary Policy Committee.

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