Turkey Is Planning To Roll Out Crypto Regulation

ByTroy Morris

Mar 16, 2021

While many countries are still having negative feelings about Bitcoin and other digital assets, some countries are gearing up to explore the potentials that they offer. Over the years, Bitcoin has been able to completely convert many people to become believers even though they initially opposed it in the past.

With this in mind, the Minister of Industry and Technology of Turkey, Mustafa Varank, has mentioned that the country’s government is looking to provide regulations that would guard crypto trading across the country. In the interview that he granted with Bloomberg HT, Varank mentioned that he had gotten over his negative opinions about digital assets. He has now seen how beneficial they can be to the economy.

Turkey minister now sees the potential of digital assets

In the interview, Varank mentioned that even though he has seen the positive potential of the assets, he feels that they have a huge amount of negatives. Giving a critical example of the assets’ adverse effects, Varank mentioned that they would enable malicious actors to carry out fraudulent activities without being caught.

However, this is not a lie, as it has been the concern of almost all entities in the crypto space due to the anonymity that trading crypto comes with. Talking about fraudulent activities, the Minister mentioned that they would not allow malicious actors to run riot in the crypto sector without imposing a regulation that would check their activities.

This recent statement is coming off the back of the one made by the President of the country some days ago. In his statement, the President mentioned that they were currently drawing up a framework and are still in the works concerning digital assets’ legal and economic aspects. Recently, new traders have been calling victims to fraudulent investment platforms across the country, wooing them with huge rewards.

Fraud is tearing through the Turkish crypto sector

Backing up these claims, the legal officer of Paribu crypto exchange in Turkey, Mehmet Turkarslan, pointed out that the investment platforms would initially seduce their victims with large profits and help them rake it in the first attempt. With that, the newbie investor would be coaxed to add more funds to his initial investment before either eventually strike the most brutal blow.

Traders are also being told to allow the agents of the investment platforms to access their accounts remotely using the software. Turkarslan noted that once they gain remote access to their crypto accounts, they would wire all the funds and vanish under cover of anonymity in the sector. Analysts have mentioned that even though it is everywhere in the crypto market, the Turkish crypto market is currently being crippled with fraudulent activities.

Giving their thumbs up to the regulation as proposed by the Minister, various entities are confident that the new regulations should be able to fight fraud tearing through the sector. But another thing is that they don’t know the type of regulation that the government is proposing to stop these fraudulent activities in the sector.

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