The 2024 Presidential Annual Program of the Republic of Turkey, published in the Official Gazette on October 25, aims to complete the crypto regulations in the country in 2024.

Article 400.5 of the approximately 500-page document reveals the planned work to identify crypto assets. Crypto asset providers, like crypto exchanges, will also receive a legal definition. However, the document does not contain any other details about future regulations.

According to a study conducted in 2022, Turkey ranks second worldwide in crypto-related search requests. The country has experienced an elevenfold increase in crypto usage in 2021 due to the ongoing inflation crisis of the Turkish lira.

In December 2022, the Central Bank of the Republic of Turkey completed the first trial of a central bank digital currency called digital lira and signaled plans to continue testing throughout 2024. Although the Turkish government has not yet decided on the digitalization of the country's currency, President of the Republic of Turkey Recep Tayyip Erdoğan has repeatedly supported the digital lira project.

How do you think Turkey's crypto regulations and digital lira project will affect the economy? We are waiting your comments.#crypto#digitalira #Turkey