The Presidential Annual Program for 2024, published in Turkey’s Official Gazette on October 25th, aims to finalize the country’s crypto regulatory framework within the following year.Â
Article 400.5 of the nearly 500-page document details the intended studies to define crypto assets, which may be taxed appropriately in the future.
The purveyors of crypto assets, i.e., crypto exchanges, will also receive a legal definition. However, the document contains no additional information regarding future regulations.
In September 2023, a Turkish court sentenced Faruk Fatih Ozer, the former CEO of Turkish cryptocurrency exchange Thodex, to 11,196 years in prison. In 2021, one of the leading trading platforms in the nation, Thodex, abruptly collapsed.
According to a 2022 study, 5.5% of the population of Turkey conducted crypto-related search queries, ranking it second in the globe. In 2021, despite the ongoing lira inflation crisis, the country’s use of cryptocurrencies increased by 11.
The Central Bank of the Republic of Turkey conducted the first test of the digital lira in December 2022 and has indicated that testing will continue throughout 2023.
While the government has not yet committed to digitalizing the country’s currency, its president, Recep Tayyip Erdogan, has repeatedly supported the digital lira initiative.
