Turkey Plans To Craft Crypto Framework in 2024
The 2024 Turkish Presidential Annual Program aims to finalize crypto regulations in the country by 2024. The program outlines studies to define crypto assets and legal definitions for crypto asset providers, such as crypto exchanges.
However, no details on future regulations are provided. In September 2023, former CEO of Turkish crypto exchange Thodex, Faruk Fatih Özer, was sentenced to 11,196 years in prison.
Turkey was the second nation in the world in terms of crypto-related search requests in 2022, with 5.5% of the population making them. The country saw an elevenfold rise in crypto use in 2021 due to the ongoing inflation crisis of the local fiat currency, the Turkish lira.
The Central Bank of the Republic of Turkey completed the first trial of its digital currency, the digital lira, in December 2022 and plans to continue testing throughout 2024. President Recep Tayyip Erdoğan has repeatedly supported the digital lira project.
(With inputs from Shikha Singh)
You need to login in order to Like
