Turkey’s New Crypto Asset Regulations Expected in 2024 – Focus on Taxation and Licensing

Crypto Regulation
Last updated:
Author
Sujha Sundararajan
Author Categories
About Author

Sujha has been recognised as 🟣 Women In Crypto 2024 🟣 by BeInCrypto for her leadership in crypto journalism.

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Source: Pixabay

Turkey officials confirmed that the nation is considering debuting a new crypto market regulation, effective 2024. The regulation will emphasize addressing crypto licensing and taxation, per a Reuters report.

Turkey is seeking to address concerns raised by the Financial Action Task Force (FATF) and to overcome its ‘grey-list’ status. The country ranked fourth globally in crypto transaction volumes in 2022, after the US, India and the UK, per Chainalysis. The rally was driven by soaring inflation and a plunging lira currency.

The move was earlier announced by Turkish Finance Minister Mehmet Simsek during a parliamentary commission discussion on Oct 31, 2023. He revealed that Turkey had adhered to all but the only remaining issue within the scope of technical compliance is the work related to crypto assets.

“We will submit a law proposal on crypto-assets to the parliament as soon as possible,” the minister said. “After that, there will be no reason to stay on that grey list, if there are no other political considerations.”

Focus on Taxation and Licensing

Bora Erdamar from BlockchainIST Center said that introducing “certain licensing standards will be one of the top priorities in the new regulation.” Further, the move would prevent abuse of the system, Erdamar added.

Additionally, the regulations would also include capital adequacy requirements, improved digital security, custody services and proof of reserves.

With the new framework, Turkey is also seeking to address the FATF concerns on Turkey’s risk of money laundering.

“Turkey has a great potential in blockchain technology and cryptoassets… A reasonable taxation policy, that will not scare off investors, will strengthen and reinforce trust for the sector.”

More Articles

Blockchain News
Crypto Custodian BitGo Eyes IPO in H2 as Regulatory Support Strengthens: Report
Tanzeel Akhtar
Tanzeel Akhtar
2025-02-11 23:30:45
Altcoin News
Toyota to Issue First Blockchain-powered Security Token Bonds
Tim Alper
Tim Alper
2025-02-11 23:30:00
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors