NEWSROOM

Minister of Treasury and Finance Mehmet Şimşek's statements that the work on the crypto law is accelerating for Turkey to be removed from the Financial Action Task Force (FATF) grey list increased the expectations that the crypto law will be submitted to the Turkish Grand National Assembly before the end of the year. Global players are hopeful about crypto regulation.

During the 2024 budget negotiations, Minister of Treasury and Finance Mehmet Şimşek stated that out of 40 criteria to be removed from the grey list of the Financial Action Task Force (FATF) affiliated with the Organisation for Economic Co-operation and Development (OECD), only the legal regulation regarding crypto assets remained, and crypto regulation was also included. His statements that it will be submitted to the Turkish Grand National Assembly shortly increased the expectations that the crypto law will come to the Turkish Grand National Assembly before the end of the year. Kafkas Sönmez, Global Growth Director of Gate.io, one of the 10 largest crypto exchanges in the world according to Coinmarketcap data, stated that the regulatory efforts satisfied global players.

It will attract foreign investors to Turkey

Minister of Treasury and Finance Mehmet Şimşek emphasised that Turkey is back with a new program and team at an event he attended in October. Stating that the consistent interest rate increases carried out by the Central Bank of the Republic of Turkey confirm the strategy followed by the new economic management, Kafkas Sönmez said, “Building trust in the eyes of the global investment community is possible with stable steps, and a clear strategy and our country demonstrates its commitment in this regard with actions that attract attention around the world.” He confirms. The steps that will take these studies forward, based on regulations such as MiCA, which have been carried out in different countries on crypto assets to date, will undoubtedly attract the attention of foreign investors. Global crypto exchanges, including Gate.io, see Turkey as a centre for accessing markets, especially the Middle East, Balkans and Caucasus countries. "A regulation that will include these players may increase global cryptocurrency exchange interest in Turkey," he said.

“Traditional players will also welcome crypto”

In a research note published by Bloomberg Intelligence, Gate.io Global Growth Director Kafkas Sönmez pointed out that after the approval of spot Bitcoin exchange-traded fund (ETF) applications in the USA, it could create a new market of $ 100 billion in a very short time with the increasing interest of traditional financial institutions. , “The crypto ecosystem is leaving behind a year in which institutional interest peaked and established financial institutions moved to develop new crypto and blockchain-based investment tools. This is a global trend. A consistent crypto regulation may lead Turkey's well-established banks and brokerage firms, a country highlighted in the global financial ecosystem with its infrastructure, to welcome crypto. "The regulation, which supports competition and provides a clear framework for the trading of crypto assets, has the potential to create value for our country's economy from day one," he said.

“Turkey is the centre of our global growth operations”

Kafkas Sönmez, who draws attention to Gate.io’s focus on Turkey at the centre of its growth operation, states, “Gate.io has been observing a crypto regulation effort in Turkey’s financial authorities for years, which aims to regulate rather than ban, ensuring stability. As we approach the end of this process and receive clear statements, it reinforces the confidence of Gate.io’s global management team. Therefore, Turkey is strategically positioned as an important milestone in Gate.io’s growth journey. We closely monitor expectations that the crypto law will come to the Turkish Grand National Assembly before the end of 2023 and again emphasise our readiness to do our part in creating a comprehensive legal framework.”