Turkish finance ministry to study cryptocurrency with the collaboration of local regulators, Local experts welcome the announcement

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The Turkish Ministry of Treasury and Finance concerns about cryptocurrencies and announce collaborative work with several local regulators. Turkey made itself a name as a crypto-friendly country with a “wait and see” approach to digital assets, but that could be about to change, as the government is now ready to take things in hand.

According to the announcement, the ministry is working with the central bank alongside two financial regulatory agencies:

“We share the rising concerns about crypto with the rest of the world. The developments (on crypto around the world) and the state of crypto in Turkey are closely monitored by our ministry. We are collaborating with the Central Bank, Banking Regulation and Supervision Agency, and Capital Markets Board within this frame under the presidency of Deputy Minister.”

Blockchain 101 co-author and Blockchain Turkey Platform’s chief editor Ahmet Usta noted :

“I think it would be appropriate to approach the statement by The Ministry of Treasury and Finance within this context, and I hope future regulations will pave the way for innovation while protecting consumers,” he said. “I hope Turkey will seize this historical opportunity in the field of cryptocurrencies and blockchain technology, which made these assets possible and reach a leading position with its exemplary projects in the global arena by creating a healthy ecosystem.”

Crypto lecturer İsmail Hakkı Polat told:

“I believe the first step would be licensing local crypto exchanges to prevent any activities that could potentially harm investors. This can be done by using capital markets as a template.

If the government takes a friendly approach here by placing lower tax rates, making it easier to buy and sell Bitcoin or other cryptocurrencies within a legal framework, Turkey would then become an attractive market for the global crypto investors again. In a time where the foreign capital flow is a serious need, global crypto investors’ potential interest in Turkey would bring economic relief to the country.”

Binance CEO Changpeng Zhao told :

Working with governments is key to building a sustainable industry and promoting greater adoption. We are always working with local regulators in our development efforts,

Özgür Güneri, CEO of major Turkish crypto exchange BtcTurk, expressed open support for regulations in a press release.

“A regulatory framework for the cryptocurrency market would add value to İstanbul Finance Centre strategy and position Turkey as a leader in this industry. We appreciate and support the efforts within this context.”

Source of article : https://cointelegraph.com/news/turkish-finance-ministry-to-study-cryptocurrency-with-local-regualtors