TechFlow reports, according to Reuters, that Turkish industry officials say new cryptocurrency regulations may focus on licensing and taxation. Meanwhile, the regulatory framework could also include capital adequacy requirements, as well as enhanced measures for digital security, custody services, and proof of reserves.
It is understood that in 2021, the Financial Action Task Force (FATF) placed Turkey on its "gray list" for money laundering and financial crime risks. To persuade regulators to remove it from this list, Turkey is preparing new legislation covering crypto assets. According to a report by blockchain analytics firm Chainalysis, Turkey ranks fourth globally in cryptocurrency transaction volume—approximately $170 billion last year—trailing only the United States, India, and the United Kingdom.
