Treasury and Finance Minister Şimşek: We have come to the end in crypto

Treasury and Finance Minister Mehmet Şimşek made statements to Anadolu Agency regarding cryptocurrency regulations.

Referring to the importance of being able to get out of the FATF's gray list, Şimşek said, "Similar to international practices in our country, we are taking steps to reduce the risks of parties trading with crypto assets. This is also one of the steps we need to take under the FATF to get off the grey list."

"Risks have to be mitigated..."

Stating that the legal regulation on cryptocurrencies has reached the final stage, Şimşek said:

"There has been a lot of interest in this area during the pandemic process. We have seen that interest brings with it various risks, both due to abuse on some platforms and excessive price movements. We have to mitigate these risks and we are taking steps in that direction."

"Our focus is not on taxes"

Şimşek also said that the regulations will not focus on the tax at this stage and that the issue will be studied separately:

"A lot of cryptocurrencies are traded on exchanges. In principle, we will adopt a policy of not interfering with cryptocurrencies to be listed on platforms. In this regard, the CMB has been given the authority to regulate additional principles and principles in order to intervene when necessary. Our focus will not be on taxes. The draft also took into account the issue of custody against the risk of misuse of investors' assets. Regulations will be made by the CMB on the principles of custody and the determination of the institutions that can make custody. In addition, we are determining the general framework for measures and sanctions."

"We will not be restrictive"

Stating that their approach to the cryptocurrency industry will be supportive, not restrictive, Şimşek used the following statements:

"Our approach is not restrictive, it is based on eliminating uncertainties and controlling potential risks. At the same time, we aim to pave the way for the development of blockchain technology and the crypto asset ecosystem."

Published: January 10, 2024 11:17 amLast Updated: January 10, 2024 11:24