The 2024 Turkish Presidential Annual Programme and Cryptocurrency Regulations
The 2024 Turkish Presidential Annual Programme, which was released on October 25 in the Republic of Turkey’s Official Gazette, sets out the goal of finalizing the country’s cryptocurrency laws by the end of 2024. The programme emphasizes the need for research to identify cryptocurrency holdings that should be subject to taxation. It also aims to establish a legal definition for cryptocurrency assets, particularly those held by providers such as exchanges.
Transparency and Accountability in the Cryptocurrency Sector
While the document does not provide specific details about upcoming restrictions, its release underscores Turkey’s commitment to regulate and monitor its growing cryptocurrency market. By introducing a legal framework and focusing on taxation, the government intends to ensure transparency and accountability within this emerging sector.
This move is expected to bring clarity and stability to Turkey’s cryptocurrency industry, attracting more investors and fostering innovation. It aims to address concerns raised by incidents like the collapse of Thodex, one of the nation’s largest trading platforms, which led to the conviction of its former CEO.
Past Survey Highlights Growing Interest in Cryptocurrencies
A survey conducted in 2022 revealed that Turkey ranked second globally in terms of cryptocurrency inquiries, with 5.5% of respondents expressing interest. The use of cryptocurrencies in the country increased elevenfold in 2021 due to factors such as inflation affecting the local fiat currency, distrust in traditional financial institutions, and a desire for alternative investment options.
The accessibility and convenience offered by cryptocurrency exchanges like Thodex have also played a significant role in attracting individuals to enter the market. Furthermore, the Central Bank of the Republic of Turkey has conducted trials for its digital currency, the digital lira, with testing set to continue throughout 2024. President Recep Tayyip Erdoğan has shown consistent support for the digital lira initiative, although full digitization of the nation’s currency has yet to be confirmed.
Hot Take: Turkey’s Commitment to Cryptocurrency Regulation
The 2024 Turkish Presidential Annual Programme demonstrates Turkey’s determination to regulate and bring transparency to its cryptocurrency market. By establishing clear laws and taxation guidelines, the government aims to create a reliable framework that fosters growth and attracts more investors to the sector.
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