Turkey is preparing to end its “wait and see” policy towards cryptocurrency regulation. It is being reported that the country’s finance ministry is working with regulators to devise a more substantial policy response for digital currency. The Turkish Ministry of Treasury and Finance tweeted that it was beginning work with a number of regulatory bodies to assess the risks posed by cryptocurrency and devise a government solution.
Hazine ve Maliye Bakanlığı Basın Açıklaması pic.twitter.com/TlbVV0Zty3
— T.C. Hazine ve Maliye Bakanlığı (@HMBakanligi) March 1, 2021
“We share the rising concerns about crypto with the rest of the world.”
“We share the rising concerns about crypto with the rest of the world. Our ministry closely monitors the developments (on crypto around the world) and the state of crypto in Turkey. We are collaborating with the Central Bank, Banking Regulation and Supervision Agency, and Capital Markets Board within this frame under the presidency of Deputy Minister.” Commenting on the developments, Ahmet Usta, of Blockchain Turkey, was quoted by Cointelegraph Turkey saying he hoped the approach would offer investor protections without stifling innovation. Turkey is now proactive in regulating the crypto industry.
The crypto industry continues to gain mainstream exposure.
Financial regulators worldwide have recently expressed their concern over the growing crypto industry and bitcoin’s massive winning rally. As reported earlier, the Reserve Bank of India expressed concerns on cryptocurrencies related to money laundering issues to funding terrorists. Speaking at a financial sector innovation policy roundtable, the former Federal Reserve Chair and the current U.S. Treasury Secretary Janet Yellen warned that cyberattacks and digital currency-related crimes were on the rise. Several other regulators around the world have expressed their concern over cryptocurrencies. The crypto industry has gained a lot of mainstream exposure recently thanks to the massive winning rally of bitcoin as the price crossed above $50,000 for the first time.