The government in Turkey has been preparing a regulatory package for the crypto industry for more than a year, and recent developments show that the regulatory package is now ready.
Omer Ileri, who is responsible for Information and Communication Technologies, met with representatives of the crypto industry to discuss the upcoming regulations. Additionally, legal experts and media members were also present at the meeting.
Even though the content of the meeting has not been announced yet, the developments reflect that both the meeting and the crypto law package are quite positive. In his short statement, Omer Ileri said that the aim of the law package is to secure citizens, protect consumers, regulate platforms, protect investors and at the same time pave the way for innovation in the sector.
Although the content of the crypto legal package is not yet clear, giant companies have already begun to dive deeper into the crypto market. Ak Investment, the investment arm of Akbank, one of Turkey's largest banks, announced a few months ago that it had acquired local crypto company Stablex. And Ak Investment says that they want to be an important player in the space of digital assets and signals that they can invest more while continuing new studies on cryptos.
In addition, Garanti Bank, one of Turkey's largest banks, developed a crypto wallet app and launched it 2 months ago. Users can hold, send and receive assets in the crypto wallet app. The app also has a cold wallet feature. Additionally, it is known that other banks are conducting similar studies on cryptos.
Additionally, crypto exchange OKX announced yesterday that it opened an office in Turkey. And now it will directly serve crypto investors in Turkey.
Giant companies do not invest in vain; they know more or less what will happen in the future, so they may be increasing their investments in the crypto sector. Recent developments show that the crypto law package is nearing completion and its content is positive for companies. If it is received positively by investors and consumers, investments in the crypto sector in Turkey will increase significantly.
The 2023 Global Crypto Adoption Index
Since the list is long, I couldn't take a screenshot of the entire list, but if you want to see the list, click here.
Meanwhile, Turkey ranks 12th in Chainalysis' 2023 Global Crypto Adoption Index. Although there is no law regarding crypto, it is truly remarkable that Turkey ranks 12th in the crypto adoption index. As stated in the official statements, if the crypto law package encourages innovation in the crypto sector and protects investors and consumers, it will significantly increase the adoption and investments of cryptos in Turkey.
According to official statements, inflation in Turkey is 64.86%. That's why many people hold their wealth in foreign currency. For crypto investors, cryptos have become a lifeline, so it is not surprising that people in Turkey have adopted cryptos so much. And the Turkish government is aware of this and will be more tolerant towards the crypto sector and ensure that they remain in the domestic market, rather than alienating millions of crypto investors.
My personal opinion is that it is impossible to block or ban cryptos, so I have no doubt that everyone who is against cryptos will change their minds in the future. And I think the crypto industry is still in its early stages, and I think those who adopt it in the early stages will be more appreciated going forward. It would also be wise to take advantage of great opportunities rather than banning or blocking them.
Meanwhile, no detailed official statement was made about the crypto law package and the meeting. Therefore, what I wrote is entirely my own personal opinion. You should wait for official statements for more information.