The Turkish president’s 2024 plans contained some regulatory efforts for the crypto sector.
Turkey is not a friendly jurisdiction for the crypto sector as this sector is fully unregulated but a very big population of this country loves to invest in cryptocurrencies. Over the past few years, the majority of the Turkish citizens showed significant Inclination toward the crypto sector as the country’s sovereign fiat currency Turkish Lira lost its value against the US dollar.
On 26 Oct 2023, webtekno reported that Turkey’s Government planned to work on the crypto sector regulatory development, in order to protect the citizens from investing in cryptocurrencies.
The report noted that next year the country’s president’s plans include crypto tax rules & crypto exchange regulation. As per the mentioned words, the government regulators will define the crypto assets to impose the rules as per the country’s legal system and also further regulate the crypto companies providing services in the country.
Here it is confirmed that Turkey’s regulatory bodies & lawmakers are going to work on the crypto regulation work and in the next couple of years they will be able to regulate the whole crypto sector under precise rules & laws.
Here this is really a very good news for the Turkish crypto community because it will not only protect citizens from the associated risk with any crypto platform but also will help Crypto & blockchain innovations in the country & further that will help to bring modernization in the existing traditional financial services.
To fight against the surging inflation the majority of the citizens are moving toward cryptocurrency. In particular, they are converting their fiat currencies into stablecoins like USDC, USDT, & top crypto asset Bitcoin.
In Sep of this year, a survey finding was published by the KuCoin crypto exchange which reported that nearly 50% of people in Turkey hold cryptocurrencies.
Earthquake, Binance, & Crypto Aid
In Feb of this year, Turkey faced a shockwave of earthquakes that badly affected the lives of 2,000 people.
popular Turkish singer Haluk Levent raised donations from the crypto sector to provide some help to those affected people’s lives.
Later, the top crypto exchange Binance distributed nearly $5 million to the Binance customers belonging to the affected earthquake regions of Turkey directly to their Binance accounts.