Turkey seeks to implement the crypto law “as soon as possible”

By Sunil Sharma
Published December 30, 2021 Updated December 30, 2021
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Turkey seeks to implement the crypto law “as soon as possible”

By Sunil Sharma
Published December 30, 2021 Updated December 30, 2021

The latest update in Turkey’s upcoming crypto law saw the Turkish Parliament hold a meeting today with relevant entities to discuss the regulations for virtual currencies in the nation. According to the European publication, Daily Sabah, the ruling Justice and Development Party (AK Party) Group’s Deputy Chairperson, Mustafa Elitaş ascertained that the “common opinion of the participants is that the law must be enacted as soon as possible.”

The meeting participants included the cryptocurrency market stakeholders along with the representatives of public institutions. However, it may be speculated that the final decision of the meeting was gravitated in favour of the government given the State entities played an eminent role in lieu of their majority in the discussion.

From the Technology and Infrastructure Ministry along with the Treasury and Finance Ministry, and the Turkish banking watchdog – Banking Regulation and Supervision Agency (BDDK) to Turkey’s Financial Crimes Investigation Board (MASAK), the Revenue Administration and at last, the Central Bank, all were present at the meeting.

According to Mustafa Elitaş, the new law will will carve out more general regulations for crypto and will keep updating in order to keep up with the ever evolving crypto industry. He said, “There has been very rapid development around the world over the past 10 years regarding cryptocurrencies that entered our lives in 2010. While various countries are trying to keep up, seven or eight countries have issued legal regulations on cryptocurrencies for now.”

Turkey crypto crackdown

Last week, the Turkish President, Recep Tayyip Erdoğan announced that the country’s crypto law was ready and was being sent to the Parliament with immediate effect. Following the announcement about crypto legislation, the Turkish Financial Crimes Investigation Board (MASAK) fined world’s largest crypto exchange, Binance’s Turkey franchise – BN Teknoloji with 8 million lira, i.e., $751,314 in lieu of violations discovered during liability inspections. It appears that the Turkish government slept on the wrong side of the bed and now the crypto community may be in trouble.

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