The 2024 Turkish Presidential Annual Program
The 2024 Turkish Presidential Annual Program, recently published in the Official Gazette of the Republic of Turkey, outlines the government’s goal to establish crypto regulations in the country by the end of 2024. The program specifically mentions the need to define crypto assets and develop appropriate taxation methods for them. Additionally, it aims to provide a legal definition for crypto asset providers like crypto exchanges. However, no further details regarding these future regulations are provided in the document.
Past Crypto Troubles in Turkey
In September 2023, Faruk Fatih Özer, the former CEO of Turkish crypto exchange Thodex, was sentenced to 11,196 years in prison by a Turkish court. Thodex, once one of the largest trading platforms in Turkey, experienced a sudden collapse in 2021.
Turkey’s Crypto Interest and Digital Lira
According to a study conducted in 2022, Turkey ranked second globally in terms of crypto-related search queries, with 5.5% of its population showing interest in cryptocurrencies. The country experienced a significant increase in crypto adoption in 2021 due to ongoing inflation issues with the Turkish lira.
In December 2022, the Central Bank of the Republic of Turkey conducted its first trial of a central bank digital currency called the digital lira. The bank plans to continue testing throughout 2024. While there is no commitment from the government regarding full digitalization of the national currency, Turkish President Recep Tayyip Erdoğan has expressed support for the digital lira project.
Hot Take: Turkey Aims for Crypto Regulation by 2024
Turkey has set an ambitious target to establish comprehensive cryptocurrency regulations by the end of 2024. The recently published Turkish Presidential Annual Program highlights the government’s intention to define crypto assets, introduce taxation measures, and provide legal recognition for crypto exchanges. This move comes after the country faced challenges in the crypto space, including the collapse of Thodex exchange. Additionally, Turkey’s interest in cryptocurrencies has been growing steadily, with significant search queries related to crypto. The Central Bank’s ongoing trials of the digital lira further indicate the country’s openness to exploring digital currencies. With this proactive approach, Turkey aims to create a clear regulatory framework for its evolving crypto ecosystem.
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