Mehmet Şimşek: Legal Regulation on Crypto _l Ics is at the Door! Here are the details of the arrangement

Treasury and Finance Minister Mehmet Şimşek evaluated the latest developments regarding the legal regulations to be made for cryptocurrencies. In a statement to Anadolu Agency, Şimşek stated that the technical work of the regulation, which will determine the legal framework of these digital devices, has reached the final stage.

First of all, Şimşek discussed the increasing interest in crypto trading platforms during and after the epidemic process, pointing out various risks due to the abuses and extreme price movements brought about by this interest. In this context, Şimşek stated that an arrangement similar to international practices should be made in the country and announced that steps will be taken to reduce the risks of the parties engaged in digital transactions.

In his statement, Şimşek said, "Therefore, similar to international practices in our country, we are taking steps to reduce the risks of parties trading with cryptocurrencies. This is also one of the steps we need to take under the FATF to get off the grey list."

In addition to these, Şimşek also explained that the Central Bank and MASAK already have regulations in this regard:

At a time when cryptocurrencies around the world are diverse in terms of their legal and financial status, it is of great importance how countries approach this issue. Stating that they follow the developments in the international arena closely and cautiously, Şimşek said, "At this stage, when we look at the practices abroad, we see that countries are moving forward by adopting approaches that are suitable for their own financial and legal systems. In this sense, it turns out that steps should be taken regarding regulation in our country."

Determining the legal framework of cryptocurrencies is of great importance for the security and transparency of the financial system. Turkey's taking steps in this regard can contribute to the adoption of a harmonious approach at the global level. On the other hand, one of the most important issues among the concerns of investors in Turkey regarding crypto trading is tax regulations.

Minister Şimşek stated that tax policies will not be centered in the regulation process and emphasized that the issue will be discussed in detail. He also pointed out that many cryptocurrencies are currently traded on the platforms and explained that they have adopted a policy of not interfering with the cryptocurrencies that will be listed on the platforms:

Şimşek stated that the main goal of the legal work is to regulate the platforms and the transactions that take place there. He also added that the Capital Markets Board (CMB) will be given authority over crypto exchanges:

Finally, Minister Şimşek also explained the basic lines of the new draft regulation. This draft contains important regulations that will make it possible to issue cryptocurrencies as cryptocurrencies instead of through the registered system at the Central Registry Agency. According to Şimşek, the Capital Markets Board (CMB) will be authorized on the issue. This step will allow cryptocurrencies to be included in the capital markets independently of the traditional financial system. At the same time, an important step is being taken for developers of blockchain and similar technologies. It will be authorized to sell the cryptocurrencies that make up the blockchain technology infrastructure, the value of which cannot be separated from these technologies, through the crowdfunding method.

You can follow the current price action here.

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