In 2021 and beyond, interest in cryptocurrencies increased in Turkey. However, after the Thodex exchange scandal, the state is determined to take steps to regulate cryptocurrencies. Finally, at the meeting held in Istanbul, CMB, Central Bank, BRSA and MASAK officials, bank managers and important names from the crypto industry came together. Here are the important developments regarding Turkey’s cryptocurrency regulations…
Banks focus on cryptocurrency
According to Hakan Ateşler’s report, according to the information revealed at the meeting, many banks opened a new digital department related to cryptocurrencies. The state’s intention to transfer cryptocurrency buying and selling transactions to banks surprised the participants. It was noteworthy that there were more bank managers than stock exchange managers. It was stated at the meeting that there was no rush on the tax issue and the regulators did not see this issue as a top priority. This situation may reassure cryptocurrency investors. However, it was stated that regulators were preparing to adopt a stricter stance on other issues.
Regulators are preparing to regulate cryptocurrency transfers like EFTs. The person making the transfer will need to enter their identification information. It is stated that TÜBİTAK will also be included in the process, which will be under the control of CMB. At the meeting, it was decided that the state would not intervene in decentralized finance (DeFi). Tokens can be stored in DeFi wallets and transfers can be made depending on the users’ wishes. However, regulators will not make concessions to leveraged transactions.
Leveraged transactions prohibited
Leveraged transactions will be completely banned, there is a huge debate on this issue around the world. Additionally, Bitcoin ATMs will also be removed. Similar discussions are taking place in many countries around the world over the reasons for removing ATMs. It was emphasized that the main goal, clearly stated at the meeting, was not to ban cryptocurrencies, but only to keep them under control and supervision. While authorities emphasize the importance of preventing the transfer of unregistered money, developments in the crypto world will continue to be closely followed.
As a result, Turkey has emerged as an important player in the cryptocurrency world, especially with the increase in interest in the 2021 bull season. The increasing popularity of cryptocurrencies among the Turkish population has been attributed to both rising prices and the ease of buying and selling in this new and technological field. However, the Thodex exchange incident resulted in significant losses, prompting rapid intervention by government officials. With the decline in prices and relative decline in interest over the past years, the government is now gearing up to regulate cryptocurrency. The latest meeting marks a proactive move by Turkey to create a regulatory framework for cryptocurrencies, involving both the government and major banking institutions in shaping the future of crypto assets in the country.
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