In 2022, Turkey was the second-highest globally in online searches related to crypto, as 5.5% of its population actively looked for crypto information.
Turkey’s 2024 Presidential Program has revealed plans to introduce cryptocurrency regulations in the coming year. The focus is on defining crypto assets for tax purposes and legalizing crypto exchanges, although specific regulations are yet to be detailed.
In September 2023, the former CEO of Thodex, a Turkish crypto exchange, received a lengthy prison sentence of 11,196 years. Thodex, once a major trading platform, collapsed in 2021.
A 2022 study ranked Turkey second globally for crypto-related searches, driven by increased crypto use in 2021 due to local inflation with the Turkish lira.
In December 2022, Turkey’s Central Bank conducted its first trial of the digital lira, a central bank digital currency, with further testing planned for 2024. Although full digitalization is uncertain, President Recep Tayyip Erdoğan supports the digital lira project.
Turkey’s steps toward crypto regulation and the digital lira demonstrate a proactive approach to evolving financial landscapes while addressing past crypto challenges.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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