Turkey Considers New Cryptocurrency Laws
Turkey may soon introduce new cryptocurrency laws that are actively being discussed in parliament. Although the law has not yet been officially passed, Finance Minister Mehmet Simsek stated that the discussion of the bill is nearing completion.
Current Cryptocurrency Rules in Turkey
Currently, there are two main rules regarding cryptocurrencies in the country. Firstly, as of 2021, the Central Bank of Turkey has prohibited the use of cryptocurrencies for payments, as they are not recognized as legal tender. Secondly, measures have been introduced against money laundering, requiring cryptocurrency exchanges to collect data on their customers.
Impact on Local and International Cryptocurrency Communities
The implementation of new laws could have a significant impact on both local citizens and the international cryptocurrency community. Turkey has long established itself as one of the leading cryptocurrency economies in the world. According to Chainanalysis, the country ranks fourth in terms of cryptocurrency trading volume, amounting to around $170 billion.
Interest in cryptocurrencies in Turkey is growing. The level of cryptocurrency adoption in the country has doubled in the past few years, reaching 40%. This means that every second citizen of Turkey owns digital assets.
Future of Cryptocurrency in Turkey
The new laws could further impact this rapidly growing market and the daily lives of citizens using cryptocurrencies. In September 2023, the Turkish lira became one of the top trading pairs on the largest cryptocurrency exchange, Binance, due to increased investor interest in the Turkish market.
