According to February 2024’s latest inflation data, Turkey faces an inflation rate exceeding 67%, amid ongoing currency devaluation and a declining lira against the U.S. dollar. Recent findings suggest that in an effort to safeguard their wealth, Turks are increasingly turning to gold, with smuggling hitting unprecedented levels. Additionally, there is a growing interest among…
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The Central Bank of the Republic of Türkiye (CBRT) has completed the phase 1 of its digital Turkish lira. It is now planning to move on to advanced phases to carry out “more widespread pilot tests.” Per a recent evaluation report, the bank is preparing for all aspects of the circulation of the CBDC. The…
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Turkey Crypto Regulation Source: Adobe / Husamex Turkey’s Minister of Treasury and Finance, Mehmet Simsek, announced that Turkey is reportedly in the final stages of preparing a legal regulation for crypto assets. He also shared insights into the imminent cryptocurrency law and compliance with the Financial Action Task Force (FATF) standards, emphasizing its broad definition.…
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Image Source: Pixabay Turkey President Recep Tayyip Erdoğan has appointed professor Fatma Ozkul, an expert in crypto assets and blockchain technology, to the central bank’s rate-setting committee. According to a recent report from Bloomberg, the nomination of Ozkul was announced in a decree on December 22. Since 2012, Ozkul has been a lecturer at Istanbul’s…
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Source: Pixabay Turkey officials confirmed that the nation is considering debuting a new crypto market regulation, effective 2024. The regulation will emphasize addressing crypto licensing and taxation, per a Reuters report. Turkey is seeking to address concerns raised by the Financial Action Task Force (FATF) and to overcome its ‘grey-list’ status. The country ranked fourth…
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The Turkish finance minister reportedly stated that crypto assets are the sole outstanding technical compliance matter. Turkey is reportedly drafting fresh regulations to govern crypto assets in an effort to convince the Financial Action Task Force (FATF) — an international organization responsible for combating financial crimes — to remove it from a “grey list” of…
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Crypto asset providers, such as crypto exchanges, will also be given a legal definition. The 2024 Turkish Presidential Annual Program, published on Oct. 25 in the Official Gazette of the Republic of Turkey, aims to finalize crypto regulations in the country within the calendar year of 2024. Article 400.5 of the almost 500-page document reveals…
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The CEO of collapsed Turkish crypto exchange Thodex has been sentenced to 11,196 years, 10 months, and 15 days in prison. He purportedly absconded with more than $2 billion in cryptocurrency belonging to more than 400,000 customers. The court found his crypto trading platform to be a criminal organization. Thodex Chief Sentenced to 11,196 Years…
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The Thodex founder fled the country in 2021 only to be detained in Albania in August 2022 and extradited to Türkiye in April 2023. The former CEO of Turkish crypto exchange Thodex, Faruk Fatih Özer, was sentenced to 11,196 years in prison by a Turkish court on charges of “establishing, managing and being a member…
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Two Binance executives responsible for the crypto giant’s operations in Eastern Europe and the former Soviet space have left the company. The departures come at a time when the leading crypto exchange finds itself under persisting regulatory pressure and is considering leaving sanctioned Russia. Another 2 Managers Quit Crypto Exchange Binance as Executive Exodus Continues…
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