Sirwin
Sirwin

Upcoming Regulation in Turkey - What's the expectation?


Since the beginning of pandemic, the interest in crypto ecosystem has been exponentially growing in Turkey. While the monetary policies are unbelievably against what we know about macro and micro economics, the existing government is disregarding the valuation of TL as their major aim is to win the next election.

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While the taxation is another issue that has never been solved by the policy makers, the deceleration of a regulation for crypto made everyone concerned about the possible policies that may directly affect the crypto-related transactions in Turkey. While there is no clear declaration to be examined, the speculations are non-stop growing over the possible regulative actions that can be taken.

Let's see what are the topics being discussed:


Regular Inspections for Crypto Exchanges

The aim of the resolution will be examining the transactions of people against money laundry and the way crypto exchanges manage the money collected from local people. What is expected from Global Exchanges will be initating a local head quarter that follows and relies on the policies in the country.

For global exchanges, it will be mostly based on 3 main categories: managing collected money from people, coin listing (especially pump & dump ones) and agreement on policies to protect people. By doing these, the policy makers will be able to examine the operations of the global exchanges by contacting the head quarter in the country.

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For local exchanges, it is not going to bring hard times as they are used to the way the government brings threats for their operations 😅. Jokes aside, they will be expected to be more selective in coin listing and they may provide necessary info about the customers in case of necessity. Nothing surprising, maybe even better for them. IDK for now 🕵🏼‍♂️


For Crypto Enthusiasts, no taxation is expected "for now"

Let's be clear, regulating crypto transactions is not an easy stuff for any government. The majority of the governments are still waiting for the others to come up with sustainable resolution that can be implemented. In the same vein, the government will not be willing to bring any percentage of taxation for crypto enthusiasts.

Although the credibility of the existing government is rapidly decreasing, they would not try to limit the crypto transactions as people bring more USD to be converted from their crypto gains. However, nothing is impossible seeing the way decisions are taken for the economy 🙄

The Good Side: Crypto is acknowledge as a value

It can be a bit challenging for people to convince the old-school governors who have no idea about crypto and they may lack in adequate vision to understand the promises of the technology. So far, it was an sad case since the perspective of many people on crypto was not beyond "gamble" 🤦‍♂️ Yet, it is understood by many of these people that the future will eventually be connected with this new world.

For those who rely on crypto assets like me, any "ban" or limitation would be terrible. While I'm doing my best to save myself from fiat currencies, it may end up with a miserable situation. Yet, it does not seem likely to happen in the near future since the policy makers look wary about the risks and rewards in crypto ecosystem.

TL;DR

The upcoming regulation in Turkey will be more about the global exchanges that are expected to follow the policies in the country. The global exchanges will be expected to be in contact with government, keep the money collected in the country and be up for sharing necessary info to government. For the retail investors, there is not going to be taxation from this resolution as the governors are aware of the fact that the risks and rewards in crypto can be utilized by them if they follow the other sustainable solutions. The major concern will be keeping local and global exchanges under inspection to protect (!) people against fraud.

 

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idiosyncratic
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