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Source: TAXDAO
The operating permits of cryptocurrencies in any specific jurisdiction may be passed or canceled by government or state leaders.The Turkish government has recently announced a series of new cryptocurrency supervision measures, but the road to achieve this goal is not smooth.Over the years, the Turkish government has been resisting formal digital asset supervision. President Recep Erdoğan announced in 2021 that the country is “fighting with cryptocurrency” and prohibits it from paying.
At that time, the government’s point of view seemed to be a competitive threat to the future development of cryptocurrencies on digital Licha.However, many Turkish citizens have different views.A survey conducted by Kucoin in September 2023 found that 52%of the Turks have adopted cryptocurrencies, and CHAINALYSIS’s 2023 cryptocurrency geographical report shows that Turkey’s cryptocurrencies have ranked fourth in the world, second only to the second only to the world, second only to the second only to the world, second only to the second only to the world, second only to the second only to the second only to the world, second only to the second only to the world, second only to the second only to the second only to the world, second only to the second only to the world, second only to the second only to the second only to the world, second only to second onlyThe United States, Britain and India.In these two cases, people’s interest in cryptocurrencies is attributed to Türkiye’s high inflation (more than 60%in 2023) and the weakness of lira.In September 2023, the Turkish lira became the largest cryptocurrency trading currency pair on Binance, accounting for 75%of all fiat currency currency transactions at the beginning of the month.
Why supervise?Why is it now?
Even considering that people have a high interest in cryptocurrencies, the government’s attitude towards supervision is unlikely to be purely based on the desire of citizens to contact digital assets.A possible explanation is that Erdogan defeated political opponent Kilicdaroglu in May last year’s presidential election, which may be exercising legislative power.In contrast to Eldon’s anti -encrypted position, Kiliqidarogru was promoted to support Web3 candidates, and he made election commitments including expanding the Web3 platform.Therefore, the new rules may become Erdogan’s ability to show its ability to control the increasing interest in digital assets.
But there are probably more pragmatic factors work.When announcing new rules, Minister of Finance, Mehmet şimşek, mentioned that the country’s goal is to remove the country’s special working group “gray list”. The list emphasizes the failure to take appropriate measures to combat money laundering andState of terrorism financing.After meeting the 39 of the 40 requirements, the encrypted legislation is the last inspection required by Türkiye from the list.The new rules of the government are mainly concentrated in permits and taxes, and have implemented measures such as minimum capital requirements similar to EU MICA regulations.
Interested
For a while, in the field of digital assets, the prospects of supervision will make operators close.However, the situation seems to be the opposite now, which can only be regarded as an increasingly mature signal.Many people think that the implementation and acceptance of digital assets in the implementation of MICA in the EU play a positive role in promoting the use and acceptance of digital assets. Now the same situation seems to have also appeared in Turkey.
Within a few weeks after the announcement of the supervision announcement, the two large banks launched measures related to cryptocurrencies.AKBANK announced the acquisition of local cryptocurrency company Stablex, while GARANTI BBVA now launched cryptocurrency wallets.
However, due to the continuous demand of Türkiye’s young and rapidly growing user base, the country has recently experienced explosive growth in Web3 activities.The EOS Network Foundation (ENF) is one of the latest joins. The foundation announced that it has cooperated with the Global cryptocurrency exchange Cointr to establish the Turkish Web3 industry laboratory.
ENF founder and CEO Yves La Rose, a speech by the representatives of government and financial departments, emphasized the potential of Turkey’s potential for grassroots to adopt global leaders in the field of grassroots.La Rose said: “Turkey presents a unique combination: the high adoption rate of cryptocurrencies, the environment shaped by the economic factors of digital currencies, and the market that is innovative and enthusiastic about blockchain.The ability to adopt it around stabilized currency and TRADFI to incorporate it into daily business to promote the global growth and demand of Turkish lira, thereby curbing its malignant inflation.Expressing a strong interest, this situation has happened. “
The multi -chain project Serenity Shield has recently announced its strategy to enter the Turkish and the Middle East and North Africa markets. This is due to Castrum Capital injection. Castrum Capital is one of Turkey’s largest artificial intelligence venture capital institutions.In addition to geographical expansion, this cooperation will also integrate artificial intelligence to more in the Strongbox of Seronity Shield. This is a solution for security confidential data storage and digital asset inheritance.
Gangs together
Bitget Wallet is another Web3 local company that joins the Middle East train. It announced its Turkish expansion plan at a weekly DevConnect conference in Istanbul in November.It will focus on the development of cooperation with local projects and stakeholders in order to provide localized Web3 services for the Turkish market.A spokesman also confirmed that the project plans to integrate the Bitget wallet into the use case, “including GameFi and SocialFi for transaction execution and value preservation.”
DevConnect is only one of the many activities centered on cryptocurrencies held in Turkey last year, which further highlights the status of the country as a grassroots developer and the entrepreneurial community activity center.In addition to attracting Ethereum developers, Istanbul also held Istanbul Blockchain Week in August, focusing on Islamic financial solutions.In November, Richard Geng, the promoted by Binance, flew to Turkey to launch the Binance Blockchain Week, while Vitalik Buterin was a star attendee of the “ZKDAY” event held in the same month.
Therefore, if people want the announcement of supervision to create obstacles and play a deterrent role, then the facts seem to be the opposite.After several years of operation under the uncertainty of supervision, web3 innovators regard this change as an opportunity, and can establish a stable foundation through the certainty of regulatory clarity.Now, Türkiye seems to provide a system of equivalent to its EU neighboring countries. It is ready to further develop into a “place of Longxing” in the field of Web3.
