Opinion
Boutique market makers offer tailored liquidity solutions that address local challenges and provide stable financial access, while bridging liquidity gaps in emerging markets.
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Turkey News
Turkey is a southwestern Asian country with a population of 80 million people and an area of 783 thousand kilometers. Turkey is a big and influential developed economy with the 17th largest nominal GDP and has a leading position in exports of such goods as agricultural products, vehicles, construction materials and consumer electronics. The strongest companies in Turkey are mostly from financial, telecommunication and construction industries. The Turkish banking sector is one of the most robust and widespread financial sectors in the Middle East. Bitcoin is not regulated in Turkey. Turkish authorities don’t consider Bitcoin to be a currency or electronic money. However, Bitcoin is pretty popular in Turkey, as both its usage and demand are growing. The Turkish lira-Bitcoin exchange BTCTurk offers the exchange of Bitcoin and foreign currency in the Istanbul airport in Bitcoin ATMs.
- Market Analysis
Analysts say Bitcoin’s inflation-hedging ability is uncertain in developed economies but more effective in emerging markets.
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The Turkish Capital Markets Board established full regulatory control over crypto asset platforms, taking responsibility for CASP licensing, operations and compliance.
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A positive ruling could pave the way for new business models in Turkey, particularly for crypto exchanges seeking licenses.
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Turkish banks have been increasingly moving into crypto by offering their clients investments in diverse crypto assets, with BankPozitif being the latest.
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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.
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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.
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The reversal comes just three months after the US-based crypto exchange submitted its pre-application to the Turkish government.
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An annual survey in Turkey showed that crypto is the third most preferred investment instrument among investors after gold and foreign currencies.
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Turkey’s state-owned boron miner estimates the country has more than 70% of global reserves of borate minerals.
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Should the Turkish government pass new amendments, all cash payments above $205 would be subject to fines of 10%.
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Andreas Szakacs, the co-founder of OmegaPro was arrested in Turkey in relation to his alleged involvement in a multibillion-dollar crypto scheme.
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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.
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Turkey’s crypto economy is poised for growth as local and international companies show keen interest ahead of new legislation.
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Ozgur Guneri spent seven years as the head of the popular Turkish crypto exchange. He will remain with the company as a director.
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