Turkey has an important position in the world of cryptocurrencies with its young and dynamic population. However, the unregulated crypto space can cause investor grievances. Last year, the Grand National Assembly of Turkey (TBMM) made some attempts to regulate this area. However, there is no regulatory clarity yet. As the elections approach, the topic of crypto is also making its way into the election manifestos of the alliances. The Blockchain and Crypto Assets Platform has therefore made a call on regulations.
Call from Blockchain and Crypto Assets Platform
cryptocoin.comAs you follow, Turkey’s young and dynamic society was introduced to the world of cryptocurrencies early and gained an important position. However, the fact that this area is not regulated in Turkey, as in the rest of the world, not only causes grievances for investors, but also has a negative impact on uncertainty and adoption. The massive crypto crashes and bankruptcies over the past year have eroded confidence in the space and led to increased regulatory calls around the world.
For this reason, there have been attempts for regulations in this context in Turkey. However, we are still a long way from talking about a fully regulated crypto ecosystem. Blockchain and Crypto Assets Platform, which has an important position in Turkey, made a call supported by important figures from the crypto community on regulations as the elections approached:
We wish you good luck in the general elections to be held on 14 May. In the blockchain and crypto-assets space, we expect stable and constructive regulation. We bring the following suggestions and demands to the attention of the public.
There were various reactions to the sharing of Blockchain and Crypto Assets Platform on its Twitter account. Although not reflecting the generality, the answers that the crypto space should not be regulated attracted attention.
Requests on cryptocurrency call
- Turkey should be a country that not only follows the technology, but also directs the technology. To this end, swift steps should be taken on Blockchain technology and the legal regulation of crypto assets.
- The regulations to be implemented should include the licensing and supervision of businesses currently operating in the field of crypto assets, as well as the creation and support of experimental environments where innovative business models can be tested.
- Crypto assets can also be used for many different business models due to the wide application areas of Blockchain technology. For this reason, the definition of crypto assets on an application basis should be done correctly.
- Innovative application areas of blockchain technology will lead to the emergence of successful companies on a global scale. For this reason, Blockchain developers should be supported with contributions such as grants, loans, incentives.
- Türkiye is the country with the most advanced solutions in the field of payment technologies. In this context, the “Regulation on the Non-Use of Crypto Assets in Payments” published in the Official Gazette in April 2021 should be reviewed and brought into a regulatory structure instead of being a hindrance.
- In addition to crypto assets, research and development centers should be established for the complete and integration of artificial intelligence and other components related to Web3 technologies into country technology, and the opinions of these centers should be sought.
- Türkiye has the value and resources to be successful in technological transformation. The above items should be evaluated by taking suggestions that can make Turkey a leader in this field. Believing that this country can become the leading country in technological transformation, we state that we are ready to make all the contributions requested from us as the representatives of this ecosystem.
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