Latest News

2024 will see the creation of a crypto framework in Turkey.

Amidst the intricate world of crypto, a legal framework is emerging for crypto asset providers, including crypto exchanges. The 2024 Turkish Presidential Annual Program, unveiled on the 25th of October in the Official Gazette of the Republic of Turkey, sets its sights on crystallizing crypto regulations within the confines of the year 2024.

Delve into Article 400.5 of this colossal 500-page document, and you’ll unearth a meticulous blueprint outlining the impending categorization of crypto assets, possibly paving the way for future taxation. Notably, crypto exchanges, those enigmatic enclaves of digital wealth, are poised to receive an unambiguous legal identity. Alas, the document remains tight-lipped on the specifics of these impending regulations, shrouding them in mystery.

Fast forward to the annals of September 2023, where the former helmsman of the Turkish crypto colossus Thodex, Faruk Fatih Özer, finds himself facing a staggering sentence: an astonishing 11,196 years behind bars, as decreed by a Turkish court. Thodex, a towering titan of the nation’s trading platforms, met a sudden and dramatic demise in 2021, shrouded in uncertainty.

As we pivot to the year 2022, a fascinating study unveils Turkey’s insatiable appetite for all things crypto. In a global context, Turkey emerges as the second most fervent seeker of crypto-related knowledge, with a staggering 5.5% of its populace ardently pursuing this digital frontier. This surge in crypto curiosity coincided with the throes of a turbulent inflation crisis surrounding the local fiat currency, the Turkish lira, witnessing an elevenfold ascent in crypto utilization throughout 2021.

And in the bygones of December 2022, the Central Bank of the Republic of Turkey reached a significant milestone: the completion of the inaugural trial of its pioneering innovation, the central bank digital currency, the digital lira. The echoes of their digital endeavor resonate further as they unveil plans for rigorous testing throughout 2024. Yet, as the government treads this uncharted territory, the ultimate digital transformation of the nation’s currency remains a conundrum, even as Turkish President Recep Tayyip Erdoğan staunchly champions the digital lira project.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.