Turkey is working on a set of regulations for the crypto industry with the aim of protecting consumers and promoting innovation, according to Ömer İleri, deputy chairman for the ruling AK Party. İleri, who oversees Information and Communication Technologies for the party, met with representatives from the crypto industry to discuss the planned legislative package. The proposed rules will ensure consumer protection while also supporting innovators and innovation. Turkey has shown interest in various tech fields, including blockchain and artificial intelligence, with initiatives such as Blockchain Istanbul and Forum Metaverse.

Turkey's Finance Minister, Şimşek, stated that the country's cryptocurrency regulations are in the final stages and are expected to bring licensing and operational standards to trading platforms. He said that these regulations aim to reduce the risks of trading cryptocurrencies and help the country be removed from the "gray list" of international financial crime regulatory agencies. According to a report by blockchain analysis company Chainalysis, Turkey's original cryptocurrency trading volume ranked fourth globally, reaching approximately $170 billion last year, behind only the United States, India, and the United Kingdom.

The CEO of the Turkish Commercial Bank said that Turkish banks should be informed about the draft encryption law. Turkish banks may serve as custodians for cryptocurrencies.

Turkey is expected to introduce regulations to regulate the crypto market in 2024, with a focus on licensing and taxation. Turkey ranked fourth globally in raw crypto transaction volumes, reflecting Turks' desire to counteract currency devaluation and youths' interest in new technology. The government said work on regulation for crypto asset service providers and taxation of digital virtual assets will be on the agenda for 2024.

At the recent TimeStamp Istanbul Investor Night, Ali Eselioglu, CEO of CoinTR, addressed the significant strides Turkey is making in blockchain financial infrastructure. As a nation straddling Europe and Asia, Turkey is capitalizing on its unique position to drive blockchain technology and financial market growth. The government's support has catalyzed fintech innovations in digital banking and payments, with Turkey now ranking fourth globally in digital asset trading volume.Eselioglu highlighted Turkey's robust GDP growth and the growing popularity of stablecoins as traditional assets experience volatility. Yet, he noted challenges like overseas stablecoin storage and the need for standardized infrastructure. CoinTR, leading the integration of digital assets with traditional financial sectors, is working with global security firms and local banks to bolster infrastructure and regulatory systems. With projects in the pipeline to expand blockchain's role in banking and securities, CoinTR aims to position Turkey as a global blockchain innovation hub and stimulate its digital economic growth.

Former Deputy Minister of Treasury and Financial Inspection of Turkey, Şakir Ercan GÜL, recently addressed an esteemed gathering at 'TimeStamp Istanbul Investor Night', representing CoinTR and the Turkish populace. GÜL accentuated Turkey's enchanting natural scenery, rich historical tapestry, and vibrant multicultural scene. He emphasized the nation's dynamic stance on crypto technology and the efforts to bolster the financial market's competitiveness through blockchain since 2018. GÜL envisions blockchain as a cornerstone in Turkey's rapid digitalization, aiming to enhance financial services' efficiency and security, and paving the way for Turkey's significant stride in the digital economy. He concluded with heartfelt wishes for the guests to enjoy the Turkish hospitality and create lasting memories.