Turkey to regulate cryptocurrencies as interest continues to increase

Turkey’s market regulator is taking action to control digital assets as Turks have flocked to cryptocurrencies, Hürriyet daily reported.

The Capital Markets Board (SPK) will supervise and regulate crypto assets, such as Bitcoin, since Turks are showing an increasing interest in cryptocurrencies and there is no legal framework and regulations regarding cryptocurrencies in Turkey, Hürriyet said.

Turkey has the highest proportion of cryptocurrency users in the world, likely due to a currency crisis that peaked in August 2018, leading to Turkish lira losses of 28 percent against the dollar that year, and which saw the lira sliding more than 10 percent against the dollar in 2019.

The relatively high rate of cryptocurrency ownership in Turkey may indicate Turks are losing confidence in lira and instead seeking alternative forms of investment over fears of further lira losses.

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