Turkey's finance minister, Mehmet Simsek, announced that the country's crypto regulations are nearing completion.

The regulations aim to mitigate risks related to crypto trading and help Turkey exit the FATF's 'grey list' of countries with inadequate measures against money laundering and terrorism financing.

Proposed regulations include a licensing framework for digital currency trading platforms, to be overseen by Turkey's Capital Markets Board, along with minimum operating standards and capital requirements.

Turkey ranks fourth globally in raw crypto transaction volumes, prompting the need for these regulations.

Turkey has already met 39 out of 40 FATF standards, with crypto-assets regulation being the last hurdle.

The upcoming regulations are expected to prioritize licensing standards, capital adequacy requirements, and digital security protocols.

Binance Turkey's CEO, Mucahit Donmez, expressed optimism about the regulations, emphasizing their potential positive impact on user asset security and industry standards.