Turkey Works Towards Crafting Crypto Policies in 2024
- Turkey plans to finalize crypto regulations by 2024.
- Turkey ranks as one of the countries with the highest interest in cryptocurrencies.
- Taiwan recently proposed a bill seeking to regulate crypto service providers.
European giant Turkey has set its sights on creating clear rules for cryptocurrencies by 2024, joining a larger trend of countries seeking to regulate the digital asset market. Turkey recently released the Turkish Presidential Annual Program for 2024. Surprisingly, the program revealed Turkey’s plans to finalize its regulation of the crypto space by 2024.
While the program does not go into great length on the regulations, it highlights the necessity of a regulatory structure for cryptocurrencies and the businesses that offer crypto services. Lawmakers in Turkey believe digital assets are gaining global recognition. However, they pose certain risks that demand keen attention.
Turkey’s decision to regulate cryptocurrencies comes after some troubling events in its crypto industry. Just last month, the former CEO of Turkish crypto exchange Thodex was sentenced to 11,196 years in prison.
Turkey has also seen a huge number of its population embrace cryptocurrencies in recent months. A 2022 survey ranked Turkey second globally for cryptocurrency searches. The Turkish lira’s depreciation and worries about inflation are the main drivers of the increased interest in digital assets.
Turkey’s central bank has also shown interest in developing a CBDC known as the digital lira. President Recep Tayyip Erdoğan has already expressed support for the digital lira project.
Taiwan Joins the Regulatory Wave
Taiwan is another nation showing serious interest in regulatory cryptocurrencies. The country’s lawmakers recently introduced the Virtual Asset Management Bill as part of their efforts to protect users and properly oversee the country’s crypto industry.
The bill lays out certain standards for cryptocurrency service providers. It requires them to keep client assets separate from business funds and establish internal control and audit systems.
The bill also proposes heavy fines for crypto service providers operating without a license, ranging from 2 million to 20 million Taiwanese dollars. Once the measure becomes law, Taiwan’s current cryptocurrency businesses will have six months to obtain the necessary permits.
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