The Turkish Presidential Annual Program 2024, published on October 25 in the Official Gazette of the Republic of Turkey, aims to finalize crypto regulations in the country by calendar year 2024.
Section 400. 5 of the nearly 500-page document shows the studies planned to describe crypto assets, which can then be properly taxed. Crypto asset providers, such as crypto exchanges, will also receive a legal definition. However, the document does imply some additional important points about long-term regulations.
In September 2023, the former CEO of the Turkish crypto exchange Thodex, Faruk Fatih Özer, was sentenced to 11,196 years of criminal sentence by a Turkish court. Thodex, which was one of the largest trading platforms in the country, imploded in 2021.
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According to a 2022 study, Turkey is the second country in the world in terms of cryptocurrency-related search requests, with 5. 5% of the population making them. The country saw an eleven-fold increase in the use of cryptocurrencies in 2021, amid the current inflation. crisis of the local fiat currency, the Turkish lira.
In December 2022, the Central Bank of the Republic of Turkey completed the first trial of its virtual currency, the virtual pound, and announced plans to continue testing until 2024. And while the government has yet to devote itself to the ultimate digitization of the country’s currency, Turkish President Recep Tayyip Erdoğan has continuously subsidized the e-book project.
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