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ARTICLE · 22 JANUARY 2024

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Turkey's Crypto Law Down To Home Stretch

Ünsal Law Firm
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Despite being one of the most active and preferred countries for crypto service providers and crypto asset projects, Turkey has not regulated the crypto market, yet.

TurkeyTechnology
Burcak Unsal
Burcak Unsal
Tuğçe Bozkurt
Tuğçe Bozkurt

Despite being one of the most active and preferred countries for crypto service providers and crypto asset projects, Turkey has not regulated the crypto market, yet.

This is about to change very soon and the new law will entrench Turkey's position as a crypto-friendly country.

The final touches are being made on a draft amid great expectations of mainstream financial institutions such as banks and brokerage houses, as well as crypto market service providers. This time such expectation is met by the highest ranking government official, the Minister of Finance and Treasury Mr. Simsek and he has heralded that the relevant law would be enacted very soon.

Turkey has been on the Financial Action Task Force's ("FATF") gray list since October 21, 2021. Mr. Simsek considered it a necessity to introduce a functional and modern crypto regulation in Turkey to address some of the concerns raised linked to the FATF's gray list.

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