Turkish Finance Ministry to Collaborate with Local Regulators on Crypto Regulation

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Turkish Finance Ministry to Collaborate with Local Regulators on Crypto Regulation

Turkey, one of the crypto-friendly countries in the world, is studying ways to regulate digital assets. This was revealed by the finance ministry today and heralded a significant development for the crypto industry. 

Collaboration with local stakeholders

Turkey’s Treasury and Finance Department took to Twitter to voice concerns about cryptocurrencies and announce a collaboration with several local regulators on the issue in March.

According to the announcement, the ministry is working with the central bank with two financial regulators:”We share the rising concerns about crypto with the rest of the world. Our ministry closely monitors the developments (on crypto around the world) and the state of crypto in Turkey. We are collaborating with the Central Bank, Banking Regulation and Supervision Agency, and Capital Markets Board within this frame under the presidency of Deputy Minister.”

Blockchain 101, co-author and editor-in-chief of the Blockchain Turkey Platform, Ahmet Usta, noted that the rapidly growing cryptocurrency and digital asset ecosystems could be risky for investors who are unfamiliar with the intricate dynamics of crypto.

“I think it would be appropriate to approach the statement by The Ministry of Treasury and Finance within this context, and I hope future regulations will pave the way for innovation while protecting consumers”. 

He also added, “I hope Turkey will seize this historic opportunity in the field of cryptocurrencies and blockchain technology, which made these assets possible and reach a leading position with its exemplary projects in the global arena by creating a healthy ecosystem.”

Özgür Güneri, CEO of Turkish crypto exchange BtcTurk, expressed his open support for regulations in a press release. “A regulatory framework for the cryptocurrency market would add value to the Istanbul Finance Center’s strategy and position Turkey as a leader in this industry. We appreciate this. ” and support efforts in this regard. “

Further support for the announcement came from Elbruz Yılmaz, General Manager of Bitpanda Turkey, who said his exchange has expertise on European markets’ regulatory framework and is ready to participate in local studies on the subject.

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