In a recent announcement, Turkey’s 2024 Presidential Program outlines plans to establish cryptocurrency regulations within the year. The focus is on defining crypto assets for tax purposes and legalizing crypto exchanges, but specific regulations are yet to be detailed.
In September 2023, the former CEO of Thodex, a Turkish crypto exchange, was sentenced to 11,196 years in prison. Thodex, once a major trading platform, collapsed in 2021.
A 2022 study ranked Turkey second globally for crypto-related searches, driven by a 2021 surge in crypto use due to local inflation with the Turkish lira.
In December 2022, Turkey’s Central Bank conducted its first trial of the digital lira, a central bank digital currency, with plans for further testing in 2024. While full digitalization remains uncertain, President Recep Tayyip Erdoğan supports the digital lira project.
Turkey’s move towards crypto regulation and the digital lira indicates a proactive approach to evolving financial landscapes while addressing past crypto challenges.