The cryptocurrency industry in Turkey will soon have new regulations that aim to protect consumers and support innovation. This was revealed by Ömer İleri, the vice-chair of the ruling AK Party, in a recent interview with CoinDesk.
İleri, who is also in charge of Information and Communication Technologies within the AK Party, met with cryptocurrency representatives to discuss the planned legal framework.
The Government’s Objectives
İleri elaborated on the government’s intentions, including the protection of citizens and investors, the establishment of platform standards, and the introduction of legislation supporting innovation and innovators. He cited governmental initiatives such as Blockchain Istanbul and Forum Metaverse as examples of the administration’s interest in the blockchain sector under President Recep Tayyip Erdoğan.
In January, Finance Minister Mehmet Şimşek stated that the government was in the final stages of conducting technical assessments for a legislative bundle concerning cryptocurrencies. İleri stressed the importance of conducting a “legal analysis” on digital assets to ensure the safeguarding of consumers and to promote advancements in the field of innovation.
The Draft Law
The draft law, which is expected to be presented to parliament soon, will address issues such as taxation, licensing, supervision, and anti-money laundering measures for crypto businesses and users. İleri hoped that the new regulations would establish a more transparent, secure, and competitive environment for the crypto industry in Turkey, which has seen rapid growth in popularity and adoption in recent years.
He also stressed the importance of dialogue and cooperation between the government and the sector to achieve win-win outcomes. İleri said the meeting was productive, and that sector representatives offered valuable insights and perspectives on the draft’s content.
