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Turkish regulatory group to propose new crypto rules and regulation
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Updated: Dec. 20, 2020 at 3:16 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Turkey’s financial regulator is ramping up efforts to develop a new framework that allows the federal government to oversee the use of cryptocurrencies throughout the nation.
Turkey prepares to regulate cryptos
The Capital Markets Board (CMB), Turkey’s financial regulatory and supervisory agency, is planning to develop guidelines to foster the adoption of blockchain technology. The move comes in response to the increasing interest and usage of cryptocurrencies in the country.
A recent study by Statista determined that one in five Turks had “used or currently owned cryptocurrencies.” The German statistics firm ranked Turkey on the No. 1 spot among all nations in the world where the use of crypto assets is common.
Although over 16 million Turks have touched cryptocurrencies in the last ten years, the country lacks a legal regulatory framework for the use of these digital assets. The high risk involved in handling cryptocurrency has raised concerns among public institutions and authorities. As a result, the CMB is now “working rapidly” to propose new rules and regulations for this market, according to Hürriyet.
The report reads:
“Due to the fact that these large-scale assets could be used for manipulative purposes and had no intrinsic value… [Authorities] decided to carry out an examination and regulation of crypto assets and intermediaries in order to prevent this and to prevent possible grievances.”
The CMB is allegedly preparing to address some of the most common concerns about the cryptocurrency industry, including taxation, malicious actors, market manipulation, and cryptocurrency exchanges.
Istanbul Blockchain Week founder and EAK Digital CEO Erhan Korhaliller noted:
“By providing legal certainty surrounding cryptocurrencies in Turkey, the Capital Markets Board(CMB) is laying the groundwork in which to enable cryptocurrency projects to build and thrive within Turkey. I am optimistic that with innovative regulation, more projects will choose Turkey in which to expand their existing operations.”
Istanbul Blockchain Week
In April 2020, Istanbul will host its first-ever Turkey blockchain week, with the main event IstanBlock 2020 being held on April 9-10. You can find out more about the event, and sign up for updates at istanbulblockchainweek.com or join the Telegram community.
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Erhan Korhaliller is the Founder and CEO of EAK Digital, a specialist blockchain PR & Events agency.