June 22, 2024

Turkey’s Board decide Progress in Cryptocurrency Regulation

The Economy Coordination Board (EKK) Gathered under the guidance of Vice President Cevdet Yılmaz to evaluate the progress in legislative initiatives concerning cryptocurrency regulation.

The gathering focused on critical matters such as the draft for cryptocurrency regulation, reform of State-Owned Enterprises (SOEs), and state aid. It underscored the significance of overseeing the cryptocurrency ecosystem and highlighted the need for effective regulation.

In a post-meeting statement, the Economy Coordination Board highlighted the strides made in legislative studies to regulate cryptocurrencies. The board acknowledged the progress in shaping regulations for the evolving cryptocurrency landscape within the country.

The statement outlined the next steps in the regulatory journey, stating that the issues earmarked for inclusion in the draft law proposal would undergo a thorough evaluation.

The board expressed confidence that, with the impending regulation becoming law in the coming days, it would fulfill one of the necessary conditions for Turkey to be removed from the grey list.

Vice President Cevdet Yılmaz chaired the meeting, joined by influential figures such as Minister of Treasury and Finance Mehmet Şimşek, Minister of Industry and Technology Mehmet Fatih Kacır, Minister of Agriculture and Forestry İbrahim Yumaklı, and Central Bank of the Republic of Turkey (CBRT) President Hafize Gaye Erkan.

The commitment to advancing cryptocurrency regulations reflects Turkey’s determination to address concerns raised by international bodies. The successful implementation of these regulations is crucial for the country to secure removal from the grey list, showcasing its commitment to global financial standards.

As the regulatory landscape evolves, the global community closely watches Turkey’s efforts to balance fostering innovation in the cryptocurrency space and ensuring financial integrity.

Also read: Crypto Community Donates Millions for Turkey Earthquake Victims

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