Skip to main content

Cryptocurrency Regulations Set to Help Minimize Risks Associated With Crypto Trading — Turkey Finance Minister

Cryptocurrency Regulations Set to Help Minimize Risks Associated With Crypto Trading — Turkey Finance Minister

Mehmet Simsek, the Turkish Finance Minister, recently revealed that a draft of his country’s crypto regulations is now in the final stage. Simsek said that once they come into force, the new regulations will help minimize the risks that are associated with trading crypto assets.

Minimum Operating Standards

According to Turkish Finance Minister Mehmet Simsek, the draft cryptocurrency regulations, which are expected to help the country get off the Financial Action Task Force (FATF)’s grey list once they become law, are now in the final stage. Simsek added that once they come into force, the new regulations will also minimize the risk of trading crypto assets.

In his remarks published by Reuters, the Finance Minister revealed the name of the body which is going to issue licenses to crypto platforms as well as the required operating standards.

“Crypto asset trading platforms will be licensed by the Capital Markets Board (CMB), and minimum operating standards will be required … including some conditions for founders and managers, organizational obligations, capital requirements,” Simsek said.

In October 2021, Turkey was placed on the grey list after the country’s anti-money laundering and terrorist financing mechanisms were deemed ineffective by the Financial Action Task Force (FATF). Since then, Turkey has been attempting to address some of the issues or concerns raised by the FATF.

According to a July 2023 report by the FATF, Turkey had made some progress in addressing most of the technical compliance deficiencies that were revealed in the watchdog’s 2019 Mutual Evaluation Report. The country was subsequently re-rated on six recommendations, the FATF said. However, the global watchdog also noted in the same report that Turkey’s ability to regulate virtual asset service providers (VASPs) may be affected by the lack of a law requiring them to license or register.

Meanwhile, Simsek suggested that Turkey’s goal of making crypto trading safer does not mean his country is against emerging technologies like the blockchain. He explained:

We aim to pave the way for the development of blockchain technology and the crypto asset ecosystem.

What are your thoughts on this story? Let us know what you think in the comments section below.



from Bitcoin News https://ift.tt/xS54zhb
Labels:

Comments

Post a Comment

Popular posts from this blog

Seven UK Companies Form Cryptocurrency Trade Body

Seven major crypto companies operating in the UK have announced the formation an independent cryptocurrency trade body. The group, Crypto UK, has stated that its principal aim is to “improve industry standards and engage policymakers.” Also Read:   Independent Ratings Agency Alerts Investors About Dangers of Tether Leading Cryptocurrency Companies form Crypto UK Trade Body Seven leading cryptocurrency companies operating the UK have formed an independent trade body tasked with developing self-regulatory standards for the cryptocurrency industry, in addition to “engag[ing] policymakers.” The members of Crypto UK are Coinbase, Etoro, Cex.io, Blockex, Commerceblock, Coinshares, and Cryptocompare – comprising trading platforms, exchanges, asset managers, merchants, comparison websites, and intermediaries from the cryptocurrency sector. “Regulation is Imminent” The Crypto UK chairman and managing director of Etoro, Iqbal Gandham, described the trade body’s mission as “promot[in...
41 comments
Read more

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more