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Turkey To Increase Supervision Over Cryptocurrency Market

3 min reading

The authorities of Turkey concerned about the fact that cryptocurrencies are getting more and more popular in the country, are reportedly intensifying their efforts to implement an increased supervision over this sector by asking the Turkish regulator to develop appropriate regulations.

The new regulations should be the answer to the growing popularity of cryptocurrencies in Turkey

As local media reports, Turkish regulating organs are planning to increase supervision over the cryptocurrency market in the country in 2020. The decision about it was made mainly due to the growing popularity of cryptographic assets among citizens and due to the associated threats. As a consequence, the Turkish financial market regulator, The Capital Markets Board of Turkey (CMB), is accelerating the development of mechanisms for more strict regulation of cryptographic space.

Hurriyet, a leading Turkish daily, states that public authorities asked CMB to prepare the necessary supervisory measures. Hurriyet informs that regulatory pressure appeared as a response to data indicating that cryptocurrency owners's share in Turkey is one of the highest in the world. The number of investors in Turkey who have decided to invest in cryptocurrencies since their rapid growth in value in 2017 is estimated at around 1 million.

One of the reasons for such a significant increase in interest in cryptocurrencies in the country is excessive inflation of the Turkish lira, a domestic fiat currency there. The freeze of millions of bank accounts last year certainly also had a significant impact on the success of digital assets.

Currently, there are no specific rules on digital financial assets in Turkey. It comes as no surprise that, among officials, it has raised concerns about the risks that investors are facing. Firstly, the government is concerned that cryptocurrencies could be used for manipulative purposes. According to the daily's source, this is the main reason for the decision to thoroughly examine digital assets and to increase control over intermediaries operating in the cryptographic space.

Regulation of cryptocurrencies in the world

Apparently, Turkey is not the only country still wondering how to properly deal with cryptocurrencies. A great number of countries, including most European ones, do not currently have the appropriate regulatory frameworks for digital assets. Governments must answer questions about taxing both cryptocurrency income and profits, about monitoring cryptographic transactions and about protecting investors' interests. Some governments have even made the control of the industry stricter before the comprehensive legislation was adopted.

It is worth knowing that the Turkish government (of which relations with Western allies have deteriorated significantly in recent years) in the face of threats of sanctions has an intention to issue its own digital currency. The project to develop a blockchain-based lira was included in the annual presidential program of Recep Erdogan which was published last November. The testing of a new sovereign coin is expected to start in 2020.

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