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Turkey’s Consultative Meeting on Crypto Regulations
Turkey’s legislators recently met with digital asset stakeholders in a consultative meeting to discuss the incoming crypto regulations. Omer Ileri, the deputy chairman of the ruling party overseeing the Information and Communications Technologies, revealed details of the meeting with a team of crypto experts.
Key Areas of Discussion
In a post on social media, Ileri emphasized that the administration’s work towards digital assets continues under the vision of President Erdogan. The consultation meeting aimed to focus on crucial areas related to security and innovation in the crypto market.
Protecting Investors and Creating Clear Rules
The meeting was held in light of global regulatory pressure and increasing demand for crypto assets. The proposed laws aim to protect investors in the local cryptocurrency market, especially after global authorities heightened regulatory measures following significant hacks and resulting in substantial losses.
Market-Friendly Legislation
Unlike the uncertain regulatory landscape in the United States, Turkey’s consultation with stakeholders in the crypto sector has been praised for developing market-friendly legislation. This is a notable contrast to the criticisms directed at the policies of the Securities and Exchange Commission (SEC) in the United States.
Driving Innovation and Regulatory Balance
In addition to investor protection, Turkey’s crypto regulation aims to drive innovation in the sector while ensuring a regulatory balance that benefits both users and industry participants. The country’s efforts align with other crypto-friendly jurisdictions focusing on Web3 innovation, such as Hong Kong and Dubai.
Recent Developments in Turkey’s Crypto Regulation
Turkey has been actively working on its cryptocurrency regulations, with the Treasury and Finance Minister announcing progress in this regard. The upcoming rules are expected to cover licensing of platforms, taxation, disclosures, and other key aspects. Industry experts anticipate that introducing licensing standards will be a significant priority to prevent abuses in the system.
Surging Transaction Volume in Turkey
In the past year, Turkey witnessed a significant surge in cryptocurrency transaction volume, reaching $170 billion and ranking fourth globally. This indicator reflects the country’s growing prominence in the crypto market, following reports that only the United States, India, and the United Kingdom surpassed Turkey in terms of cryptocurrency transaction volume.