Regulators are taking a magnifying glass at cryptocurrencies in Turkey, and local aficionados applaud the change.
Turkey has lots of attractive things – a beautiful coastline, rich history, mouthwatering food… But did you know it’s also a cryptocurrency-friendly nation? When it comes to virtual assets, Turkey had a wait-and-see approach. This is poised to change soon, since the government is gearing up to take charge.
Government Takes the Reigns
The Turkish Ministry of Treasury and Finance made announcements on social media regarding the crypto-sphere. It also announced collaborations with experts regarding the topic.
To be more precise, the ministry will team up with the central bank and a couple of financial regulatory agencies. The government intuition made it clear it is aware of the growing worries surrounding the world of cryptos. It said it’s carefully tracking the state of virtual currencies in Turkey.
This fast-paced growth of crypto and virtual asset ecosystems may be too risky for investors unaccustomed to complex cryptocurrency dynamics. Cryptocurrency enthusiasts in Turkey are hoping that the upcoming regulations will set a fair path for innovation. The aim is to protects the customers. Turkey can easily climb to one of the leading positions in the world of cryptocurrencies. How? By doing this right and paving the way with its exemplary projects and healthy ecosystem.
Crypto lecturers understood the Ministry’s announcement as an attempt to secure the rights of the consumer. More precise measures would be licensing local cryptocurrency exchanges that prevent activities that are harmful to investors. Capital marketplaces can turn out to be great templates for this.
After that, the government needs to tackle the issue of cryptocurrency trading. Policymakers can do so by implementing smaller tax rates, rendering it simpler to purchase and sell Bitcoin and other cryptos legally. This is another move that would make Turkey an enticing option for worldwide cryptocurrency investors.
Naturally, to make the procedure easier, legislators should word the definition of a cryptocurrency very clear and concise. This will cause less confusion among regulatory entities. Then and only then taxes may be incurred.
Foreign Exchanges Eyeing Turkey
Some foreign cryptocurrency exchanges are already cooperating closely with Turkey in order to enter the country. Binance has been doing so, too, cooperating with policymakers in order to make a sustainable sector in the nation and to promote wider adoption.
Özgür Güneri, Cheif Executive Office of major Turkish crypto exchange BtcTurk has shown great support for regulations in a statement, saying that regulations would bring more worth to the global standing of Turkey in the cryptosphere. Bitpanda Turkey general manager Elbruz Yılmaz even said that his company has been closely following similar situations in countries around Europe and that his team is ready to take part in local studies surrounding cryptos.