Turkish Minister: Draft Regulations for Cryptocurrency Trading at Final Stage

Turkish Finance Minister Mehmet Şimşek stated on Wednesday that "the draft regulations for cryptocurrency assets in Turkey, which are expected to clarify the licensing and operational standards for trading platforms, have reached their final stage." He told Anadolu Agency that "the regulations aim to reduce the risks of trading cryptocurrency assets and to help the country exit the gray list of international financial crime-monitoring." Şimşek mentioned that "cryptocurrency trading platforms will be licensed by the Capital Markets Board, and minimum operational standards will be required... including certain conditions for founders and directors, regulatory obligations, and capital requirements." Turkey ranked fourth globally in cryptocurrency transaction volume, with around $170 billion during the last year, behind the United States, India, and the United Kingdom, according to a report by Chainalysis. The boom in digital currency in Turkey has been driven by years of inflation that reached about 65 percent last month, and a decline of over 80 percent in the lira against the dollar over the past five years.