From Nasdaq:

The Turkish government has announced new regulations for the crypto industry. President Erdogan previously declared a war on crypto, but a survey found that 52% of Turks had adopted cryptocurrency as the lira weakened. The regulations aim to combat money laundering and terrorist financing and focus on licensing and taxation.

The decision to regulate crypto in Turkey may have been influenced by President Erdogan’s attempt to assert power after his political opponent’s defeat in the presidential elections. The country’s desire to be removed from the FATF “gray list” also played a role, with the new regulations addressing the remaining requirement for compliance.

The implementation of regulations in the EU and Turkey’s new rules have been viewed as positive forces for digital asset adoption. Major banks in Turkey have launched crypto initiatives, and there has been a surge of Web3 activity at the grassroots level, reflecting the growing interest in blockchain and digital currencies in the country.

Turkey has become a hub for Web3 activities, with various projects and events focused on blockchain and cryptocurrency held in the country. Despite the regulatory changes, innovators in the Web3 community see the regulations as an opportunity to establish themselves on a stable footing and further develop Turkey’s status as a hotbed of adoption and innovation in the Web3 spectrum.



Read more: Is Turkey’s Regulatory U-Turn Sparking a Local Boom for Web3?