Turkish Govt Grows To Like Crypto Prepares, Regulatory Framework

The Turkish govt is having a change of heart towards crypto as the finance minister said he has no negative feelings for it and even prepares a new regulatory framework so let’s read more in our latest crypto news today.

The senior Turkish minister said that he had a change of heart for crypto and highlighted plans to regulate it because crypto fraud in Turkey has become a major concern. The Turkish govt and its ministers especially Mustafa Varank said in an interview with Bloomberg HT that the government will soon introduce crypto regulations by adding:

 “I’m no longer feeling negative toward crypto. Now I understand that they are effective.”

Varank also said that crypto is used for fraud and that the government won’t give free rein to the crypto space. His remarks follow the statement made by President Erdogan who said that the government is working out a plan to lay the economic and legal foundations for crypto. Mehmet Turkarslan who is a legal counsel at the Turkish crypto exchange Paribu said that the industry is aware of the new traders who get defrauded by financial advisors that promise a way to high returns on crypto investments and noted:

 “These so-called advisors initially help their unwitting clients achieve handsome profits, and having won their trust, these con artists fuel anxiety and prompt their victims to be allowed access to crypto exchange accounts.”

Fraudsters told their victims that they will make more profits if allowed direct access via Team Viewer to their crypto exchange accounts and once they were in, they wired the funds to their own accounts and vanished, as researcher Beste Naz Sulu from exchange ICRYPEX Said:

“Fraud is a genuine concern in the Turkish crypto market as it is elsewhere in the world. The minister’s regulatory ambition to fight that is viewed positively across the industry.”

The co-founder of the Turkish opposition party DEVA, Alper Akalin commented:

 “There’s cross-party support for crypto regulations targeting fraud,“but that’s probably just a smokescreen for the government’s desire to raise tax revenue given its financial troubles.”

The crypto exchanges in Turkey were demanding a regulatory framework that will avoid a punitive tax on crypto because it can drive people to look for loopholes and resorting to foreign exchanges. Akalin noted:

“There’s a global trend towards regulating crypto as assets rather than alternative currencies, and we certainly hope the Turkish government will also take this approach. Government wanting to regulate crypto is often a win for crypto—it means they now officially recognize it.”