Turkey is soon to wrap up its technical studies for cryptocurrency legislation.

According to the country’s Finance Minister Mehmet Şimşek, technical studies for developing crypto regulations are nearing completion and Turkey is in the “final stage,” CoinDesk Turkey reported on Wednesday.
As part of larger attempts to remove itself from the Financial Action Task Force’s (FATF) grey list of nations whose anti-money laundering rules require strengthening, the country has been moving quickly to draft crypto regulations. As previously stated by Şimşek, the government is nearing completion on legislation measures for the industry.
“Our primary objective with regulating crypto assets is to boost confidence in this space and remove any potential hazards,” Şimşek stated to the regional news source Anadolu Agency.
According to Şimşek, the proposed legislation defines crypto assets broadly as “intangible assets that can be created and stored electronically using distributed ledger technology or a similar technology, distributed over digital networks, and capable of expressing value or rights.”
Crypto exchanges will be subject to minimal operating rules akin to those of financial institutions, with licencing handled by the nation’s Capital Markets Board (CMB).
Ahead of the FATF examination set for February, Şimşek has stated that the legislative measures pertaining to cryptocurrencies will be completed this month.