Turkey's 2024 Presidential Program Focuses on Finalizing Cryptocurrency Regulations
Summary:
Turkey's 2024 Presidential Program aims to finalize cryptocurrency regulations, potentially leading to taxation of crypto assets and a legal definition for crypto providers. The former CEO of Turkish crypto exchange Thodex was sentenced in 2023, following the platform's unexpected collapse in 2021. Amid rising inflation, Turkey saw an 11 fold increase in cryptocurrency usage in 2021. The first trial of Turkey's central bank digital currency, the digital lira, was completed in 2022, with more tests expected to carry on into 2024.
Turkey's Annual Presidential Program for 2024, unveiled on October 25 in the country's Official Gazette, focuses on completing cryptocurrency legal strategies within 2024. The program, spanning close to 500 pages, indicates in clause 400.5 that devised investigations will delineate cryptocurrency assets, potentially leading to taxation subsequently. The program also states that legal characterization will be accorded to crypto asset providers like cryptocurrency exchange platforms. As for specific details about proposed regulations, the document remains silent.
In September 2023, Faruk Fatih Özer, erstwhile CEO of the Turkish cryptocurrency exchange Thodex, faced a penalty of 11,196 years of jail time as ruled by a Turkish Court. Thodex experienced a sudden collapse in 2021, despite being among the country's prime trading podiums.
According to a research study conducted in 2022, Turkey stood as the world's second most populous country in crypto-related internet searches, with 5.5% of the country's populace involved. Amid an escalating inflation crisis impacting the Turkish lira, the country documented an increase in cryptocurrency usage by eleven times in 2021.
In December 2022, Turkey's Central Bank accomplished the initial experimental phase for the digital lira, its own Central Bank Digital Currency (CBDC). While the bank indicates more testing throughout 2024 is likely, the Turkish government hasn't yet committed to a comprehensive digital conversion of its currency. However, Turkish President Recep Tayyip Erdoğan has consistently endorsed the digital lira initiative.
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Published At
10/27/2023 10:09:00 AM
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