The Turkish government regulators were a bit skeptical about cryptocurrency, but they are coming around to it now, and the local crypto experts appreciate this move.
Turkey has been the country which supports cryptocurrency from almost the start, and they took the approach of going through with it as it progressed but this wait and watch attitude might change soon because the Turkish government is now planning to take the matter in their own hand and come up with a plan to regulate digital assets.
Turkey’s Treasury and Finance Ministry posted a tweet on 1st March 2021 in order to explain their concerns regarding crypto-assets and to make an announcement about their new collaboration with the local regulators to regulate crypto assets in a way that they are secure to invest in.
A Strategic Collaboration
They announced on Twitter that they need to be careful while dealing with a cryptocurrency like every other country. They said that the developments in the crypto industry, both globally and locally, are monitored very closely by their finance ministry. The government is going to collaborate with the Banking Regulation and Supervisory Authority, the Central Bank, and the Capital Markets Board in that framework, which is being led by the Deputy Minister as the president.
A Turkish crypto expert said that it might be risky to invest in this quickly growing digital asset and crypto ecosystem for investors who are not familiar with it and are not aware of the complex cryptosystem. He said that he is very positive and hopeful about the government’s announcement and speculates that the regulations made by this committee would be fruitful for the end customer and make their transactions more secure. He added further that this is a unique opportunity for Turkey as a country to embrace crypto and digital assets and use this efficiently and also lead the way for other countries and make itself the role model for crypto regulations.
The CEO of Binance, CZ, said that their company worked very closely with the local authorities when they were planning to enter the Turkish market. He said that it is very important to work with the government in order to make a secure and sustainable crypto ecosystem.