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2022: 35.1 million people in Turkey regularly transact in cryptocurrencies
2021: Turkey creates a state storage of cryptocurrency
At the end of April 2021 Turkey , it announced the creation of a state repository. cryptocurrencies This decision was made by the Turkish government after the sudden closure of two local crypto exchanges Todex and Vebitcoin.
The government plans to set up a state-run cryptocurrency repository to mitigate the risks posed by Turkish citizens' investments in digital assets, a senior official said. The authorities are also thinking about setting requirements for the minimum capital of cryptocurrency exchanges and the necessary qualifications for managers of such sites. Plans have not yet been agreed.
According to the official, the preparation of the regulatory framework can be completed within a few weeks. The Ministry of Finance, the Capital Markets Council and the Financial Crime Investigation Council (MASAK) are involved in the development of the project. The department declined to comment.
The cryptocurrency has attracted scores of Turkish citizens seeking to protect savings threatened by price volatility and a weak currency. According to the CoinGecko.com, which tracks data on the price, volume and market value in crypto markets, the daily volume of trade in Turkish cryptocurrency markets for 24 hours is about $1.6 billion.
Earlier, users of the Turkish crypto exchange Todex sued the site due to the fact that it suddenly stopped working and refused to return the funds. Turkey has put Thodex CEO Farouk Fatih Oza on the international wanted list. It is now up to all Interpol member countries to take action to immediately arrest Lake and decide on his extradition. Another crypto exchange, Vebitcoin, also stopped working, citing deteriorating financial conditions. Its chief executive and three other employees were arrested by Turkish authorities.[1]
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