The first notable official development took place after President Recep Tayyip Erdogan ordered a law on cryptocurrencies. The Turkish Grand National Assembly published a report explaining the approaches of other countries to cryptocurrencies.
Parliamentary Research Services Presidencyof “Country Examples of Regulatory Regulations Regarding Crypto Assetstitled ” 68 pages in its report, 2016 in the year 14 billion dollars crypto asset market today 3 trillion dollars reached and from tourism to education, from digital publishing to shopping for works of art. In many areas the widespread use of crypto assets as a means of payment has been placed
in the report There is no international standard yet for crypto assets. attention has been drawn. Crypto assets of some countries “opportunity“and some of them”threateningIn the report, which was recorded as ” and went to ban it, the confusion in the world was mentioned.
“For example, while some countries such as the USA, Germany, Japan, Canada approach crypto assets positively; Some countries, such as China, Bolivia and Nepal, take a negative approach. In addition, it is known that the attitudes of countries change over time.
On the other hand, while China was initially positive, it banned most activities related to crypto assets in 2021. The USA, on the other hand, had a questioning attitude at first, but in recent years it has become one of the most positive countries.
In the report, it is stated that some countries leave the legal regulations in the field of crypto assets to time and continue to follow the regulations of the leading countries in this field.Countries that started the regulations early realized the mistakes and made changes later on.” it was said.
Crypto asset subject; Legislation in this field brings along a learning process for the parliaments of most countries, due to the fact that it is an extremely technical issue, there is a shortage of personnel who can be considered experts in this field in public institutions, and it is an area where parliaments do not have experience. It is seen that parliaments seek to obtain information from experts in order to make sound regulations.
At the point of monitoring the regulations made by the countries serious misinformation In the report, which states that “It is seen that the mainstream media on a global scale misrepresents their legal regulations, either consciously because the crypto market is prone to manipulation, or unconsciously because the media is unfamiliar with the subject.” expressions were used.
Finally, the report example of Russia by giving, It is possible to see different approaches about crypto assets even among institutions in the same country. specified.
In February 2022, the Central Bank of Russia made an opinion on the banning of crypto assets, while the Russian Ministry of Finance stated that crypto assets are an important investment pool, and legal regulation should be made that foresees the release of crypto mining. When the discussion was transferred to the Presidency of Russia, it was stated that it was necessary to reach consensus among institutions and to benefit from crypto technology.