The Legal Regulation Date For Cryptocurrencies Has Been Announced!

Turkey's Minister of Treasury and Finance, Mehmet Şimşek, announced that legal regulations regarding cryptocurrencies will be implemented next month. According to NTV news, Minister Şimşek stated that legal regulations on cryptocurrencies could come into effect in January.

Minister of Treasury and Finance Mehmet Şimşek addressed the draft law on cryptocurrencies under the title of combating money laundering, stating, "We only have one missing piece, crypto."

''We only have one missing piece. Hopefully, we will bring it in January. There will be legal regulation on crypto assets, but this is not enough. In addition, effective implementation is required to get off the gray list. We have made significant progress in effective implementation, and we have shared these with FATF. Of course, it is a decision, and it may not happen when even one country objects, but I believe that Turkey's progress will be appreciated sooner or later. Hopefully, Turkey will be off the gray list next year.''

Minister Şimşek had previously stated that combating financial crimes was among the top priorities and emphasized that Turkey was compliant with 39 out of 40 standards according to the report shared by FATF. Now, he announced that legal regulations regarding cryptocurrencies would be introduced next month. Minister Şimşek mentioned that cryptocurrencies were an area of global interest and rapid development, and Turkey was closely monitoring developments and working to make the necessary regulations.

While the details of the regulation are not yet clear, Minister Şimşek's statements suggest that the regulation may cover aspects such as the definition and classification of cryptocurrencies, buying and selling, transfer and storage, taxation, and supervision under the scope of combating financial crimes.

The increasing popularity and use of cryptocurrencies as an investment bring some risks in terms of regulation and security. Turkey taking steps to enact legal regulations in this field to ensure the safe and transparent use of cryptocurrencies is significant. Although the regulation is expected to come into effect in January, the exact date is not yet clear.