Turkey is going to supervise cryptocurrencies

The rise of cryptos in Turkey have raised concerns in local authorities, which force the regulatory bodies to increase the mechanisms regarding monitoring crypto transactions.

The Capital Market Authority of Turkey is getting ready to introduce a new framework regarding supervision mechanisms for crypto transactions. The existing legislation in Turkey regarding digital assets is inexistent and that could be a future problem for Turkish economy due to the rising volume of crypto users among Turkish citizens.

The adoption of cryptocurrencies was more intense in Turkey after the sudden fall of the Turkish lira and the freeze of several bank accounts last year. Turkey is going to experiment with a blockchain-based digital form of lira for helping the fintech ecosystem in Turkey to grow.