CoinDesk Turkey reported that the technical studies to form crypto regulations are in their “final phase” according to Mehmet Simsek.

As part of its efforts to get off the gray list, Financial Action Task Force (FATF) has put Turkey on notice that it needs to improve anti-money laundering laws. Simsek said previously that the government was in the final stages of drafting legislative proposals .

Simsek, a local journalist at Anadolu Agency , said that the main goal of crypto asset regulation was to eliminate any risks.

According to Simsek, the planned legislation will include a broad definition for crypto assets. “Intangible assets can be created electronically and stored using distributed ledger or similar technology and distributed over digital networks. They are capable of expressing values or rights.”

Capital Markets Boards (CMBs) in the country will be responsible for licensing crypto exchanges, and they’ll be subject to operating conditions that are similar to those of financial institutions.

Simsek said that the crypto-legislative proposals would be ready by the end of this month in advance of the FATF’s evaluation, scheduled for February.

Parikshit Miishra is the editor.