Cryptocurrency transactions in Turkey have decided to take under control. The country’s Ministry of Finance and Treasury is developing a regulation on cryptocurrency platforms. Later, it will be submitted to the Grand National Assembly for consideration.
Companies creating platforms for trading cryptocurrencies must have a license and capital not lower than the established minimum. They will need to get permission to open an office or run advertisements. At the same time, income from cryptocurrencies will be taxed.
The Capital Markets Board (CMB) will oversee cryptoasset trading platforms. Serious fines are envisioned for violators.
The main objective of the regulation is to remove Turkey from the FATF “gray list”. The country plans to actively counter money laundering through cryptocurrency transactions. Exclusion from the “gray list” will raise Turkey’s international status and will be a step towards strengthening its economic stability.
