Turkey News

Analysts say Bitcoin’s inflation-hedging ability is uncertain in developed economies but more effective in emerging markets.

The Turkish Capital Markets Board established full regulatory control over crypto asset platforms, taking responsibility for CASP licensing, operations and compliance.

A positive ruling could pave the way for new business models in Turkey, particularly for crypto exchanges seeking licenses.

Turkish banks have been increasingly moving into crypto by offering their clients investments in diverse crypto assets, with BankPozitif being the latest.

The IRS issued new regulations requiring DeFi platforms to report crypto transactions. In response, the Blockchain Association filed a lawsuit against the IRS, arguing that the rules are unconstitutional.

The regulation is set for implementation on Feb. 25, 2025, allowing the country’s crypto service providers to halt “risky” crypto transactions with insufficient user information.

The reversal comes just three months after the US-based crypto exchange submitted its pre-application to the Turkish government.

An annual survey in Turkey showed that crypto is the third most preferred investment instrument among investors after gold and foreign currencies. 

Turkey’s state-owned boron miner estimates the country has more than 70% of global reserves of borate minerals.

Should the Turkish government pass new amendments, all cash payments above $205 would be subject to fines of 10%.

Andreas Szakacs, the co-founder of OmegaPro was arrested in Turkey in relation to his alleged involvement in a multibillion-dollar crypto scheme. 

As the Turkish Capital Markets Board continues to update the list and companies work to meet regulatory requirements, the Turkish crypto market is poised for significant changes.

Turkey’s crypto economy is poised for growth as local and international companies show keen interest ahead of new legislation.

Ozgur Guneri spent seven years as the head of the popular Turkish crypto exchange. He will remain with the company as a director.

Stablecoin giant Tether is eager to learn about the possibilities of introducing new business lines into Turkey’s banking in cooperation with the local crypto firm BTguru.