January 4, 2022

Cryptocurrency Markets Forced to Turn Eyes, Turkey Takes Strict Action!

 In an upcoming update on Turkey’s crypto law saw the Turkish Parliament hold a meeting today with that entity to discuss rules for crypto assets in the country.

Based on the publication of the European Report, Daily Sabah, the Deputy Chairman of the Justice and Development Party (Parti AK), Mustafa Elitaş, stated that in general all those involved were of the view that the law must be enacted as soon as possible.

The meeting also involved stakeholders in the crypto asset market as well as representatives of public institutions. However, some analysts speculated that the final decision of the meeting would be in favor of the government as State entities play an important role in the majority vote.

Starting from the Ministry of Technology and Infrastructure together with the Ministry of Treasury and Finance, the Turkish banking monitoring body-Banking Regulation and Supervision Agency (BDDK) to the Turkish Financial Crime Investigation Board (MASAK), Revenue Administration and finally, the Central Bank are among those present in the meeting.

According to Mustafa Elitaş, the new law will enact more general rules for crypto and will continue to be updated to keep pace with the development of the fast-growing crypto industry. He said, “There has been a very rapid development around the world over the past 10 years in the crypto asset market designed in 2010. While many countries are in the process of enacting legislation, seven to eight countries have issued regulations on crypto assets for now. ”

Last week, Turkish President Recep Tayyip Erdoğan announced that the country’s crypto law had been completed and was now in the process of being debated in Parliament for immediate enforcement. Following the announcement of crypto legislation, the Turkish Financial Crime Investigation Authority (MASAK) has imposed the world’s largest crypto exchange fine, the Turkish Binance of 8 million lira or $ 751,314 for being found in breach of the law.

With this it can be seen that in general the Turkish state is not in favor of the crypto market, hence the development of the crypto market can be hampered.