Turkey is expected to introduce new regulations for crypto assets in 2024, focusing on taxation and licensing. This move aims to address concerns raised by the Financial Action Task Force (FATF) and improve Turkey's status on the 'grey-list'. The country ranked fourth globally in crypto transaction volumes in 2022. Turkish Finance Minister Mehmet Simsek announced this plan in October 2023, stating that it would help Turkey to comply with technical standards related to crypto assets. The new regulation will include licensing standards, capital adequacy requirements, digital security improvements, custody services, and proof of reserves. Turkey also aims to address FATF concerns regarding money laundering risks. The introduction of a reasonable taxation policy is expected to strengthen trust in the sector and attract investors.
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