Turkey Ministry of Treasury and Finance Intends to Research on Cryptocurrency along with Local Regulators

By: Michael Wilson

March 4, 2021 1:35 AM

Turkeys Finance Ministry has announced to look into crypto along with regulators in the country.

Turkey which is Known to be a crypto friendly country with a "wait and see" approach to digital assets, but that could be set change, as the Turkey government is now ready to conduct a deep research into understanding crypto.

The Turkish Ministry of Treasury and Finance Expressed its concerns about crypto currencies on Twitter and disclose that it has collaborated with various regulators in the country to work on the topic. 

The announcement stated that the Ministry is working with two financial regulators as well as the central bank.

"We share the rising oncerns about crypto with the rest of the world. The developments (on crypto around the world) and the state of crypto in Turkey are closely monitored by our ministry. We are collaborating with the Central Bank, Banking Regulation and Supervision Agency, and Capital Markets Board within this frame under the presidency of Deputy Minister."

Although, some major Turkey crypto market players such as Özgür Güneri, CEO of one of the largest exchange in Turkey BtcTurk indicated the need for crypto regulation in the country.

He was quoted as saying:

 "A regulatory framework for the cryptocurrency market would add value to İstanbul Finance Centre strategy and position Turkey as a leader in this industry. We appreciate and support the efforts within this context."

However, the BtcTurk exchange CEO was quickly joined by Elbruz Yilmaz, who is Bitpanda Turkey general manager. Yilmaz who said that Bitpanda Turkey has know how on the regulatory requirements in European markets and is willing to join in on the topic.