Turkey is one of the open crypto market that has attracted variety of the external business and the tourists where they have enjoyed open economy. However there has been pressure from the middle east and the Europe that has been mounting and things have changed for crypto.
Now Turkey has started to implement the centralized rules for the crypto trading, accumulation, taxation and also the policies for variety of the crypto market changes. So new changes are going to be applied that would be setting things straight and the nation would cease to be the tax heaven for the crypto anymore.
Here turkey is keeping an eye on the IMF regulations which applied for the cross border transfer andalso the FATF which is mostly done from the US for the money laundering issues and the blacklisted nations. This goes to show that centralized approach to crypto is coming soon for the crypto industry.
Let's talk about some of the license changes, regulations in the market and also the policies being implemented in the Turkey.
Keeping Financial Action Task Force (FATF) Grey List Away
FATF is one of the standard body in the US that keeps the terror based nations and the nations that are hostile to others away from getting any form of the financial transaction through US and other allies in the west. And this body has been working to keep Russia, North Korea and even china at some control over the years.
Now the FATF is aware that the middle east nations and the grey list and black listed nations are getting the funds through the crypto. And they want to grey list nations which are making use of the crypto to get the USD into their nation. Many nations have got their nation into trouble because they didn't pushed for the crypto regulation.
Pakistan and few other african nation too got into the grety list because of the lack of regulation and massive money laundering happening in the nations and so Turkey has learned from those lessons here.
Regulation in the Turkey
Anyone can trade in Turkey in crypto form. As of now the regulations in the normal crowd is not pushed. Most of the centralized exchanges are also not pushng for the KYC as strict as dubai and other places. So that is going to be affecting the norm and the places would be harder to regulate in near future.
You may notice that there would be forced KYC and also the exchanges would be imposing variety of other regulations and limits on their own along with on the consumers. Which would be the direction that Turkey is taking these days. I hope that we would be seeing more strong regulations which would bring open approach to market.
Strict License System and the Crypto Adoption in Market
Binance recently was forced to take license in variety of the middle east and the asian places. And that means the same would be going for the Turkey too. Otherwise FATF watchdog would be keeping them in the restrictions and things would not go well for them. Which also means that crypto adoption would become harder for Turkey with all those restrictions.
Market has been doing really good in the turkey. Lot of interesting and new projects have been up in the market and they seem to be making some really good progress. But this is because they have less regulations and there also more losses for consumers. But in reality there is a strong need for rules and regulations in the Turkey. Which we would be seeing in upcoming changes in crypto rules.
Things have changed and Turkey is no longer your crypto tax heaven. And in near future like US they would have the rules and the regulations that would be making it possible for protecting the business, tax the business and also be safe for consumers in the Turkey.That has been the goal that new regulations are pushing for now.