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Cryptocurrency Law is Coming to Parliament!

Cryptocurrency usage continues to increase in Turkey in recent years, as it does all over the world.

Recently, the cryptocurrency usage rate in Turkey has exceeded 50%, while crypto regulation efforts continue.

President Recep Tayyip Erdoğan stated in his statement in 2021 that they had no intention of accepting cryptocurrencies and that they would fight against cryptocurrencies. Erdoğan also added that the work was continuing.

According to Yeni Şafak’s report, it was claimed that the cryptocurrency draft, prepared to include cryptocurrencies within the scope of the law, will be presented to the Parliament before the end of 2023.

It was stated that the cryptocurrency regulation in question is expected to prevent the misuse of the crypto industry for money laundering and terrorism financing.

It was stated that social media influencers are expected to be included in the scope of this regulation.

As you may remember, Minister of Treasury and Finance Mehmet Şimşek said in his statement in the past weeks that, according to the report shared by the FATF, Turkey is compatible with 39 of the 40 FATF standards, and the only issue that continues to be prepared within the scope of technical compliance is the work on cryptocurrencies.

At this point, it is thought that with the regulation, FATF will have no reason to keep Turkey on the gray list.

*This is not investment advice.

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