A New Era for Crypto in Turkey: Legislation, Localization, and Growth

Previously, we talked about the rise of cryptocurrencies in Turkey and highlighted that it is getting more mainstream every day. With its high trading volume, Turkey will surely maintain its place as an important market in the crypto sector. Today, we’ll briefly touch on the newest update in the crypto industry in Turkey: the new crypto legislation.

A Major Update: The New Crypto Legislation

Many crypto companies and users have been waiting for the new crypto legislation. The bill has been proposed to the government and has been approved, and we have some insights into its contents. The primary goal of the bill is to establish regulatory guidelines for crypto service providers and users. It includes a licensing framework for providers, which will offer significant operational benefits to those who obtain a license from the Turkish government. Conversely, those who fail to secure a license may face legal repercussions.

Another important aspect of the bill is the introduction of clear definitions for commonly used cryptocurrency terms, which will hopefully eliminate any concerns or doubts users may have. Overall, the bill is regulatory rather than restrictive, signaling a new era for crypto projects in Turkey. It also aims to prevent fraudulent activities in the sector. The newly accepted bill protects both crypto service providers and crypto adopters, which will inevitably lead to a deeper trust between both parties in Turkey. The Scientific and Technological Research Council of Türkiye, TÜBİTAK, is also included in this process, which may lead to more research and more information about blockchain and cryptocurrencies.

The Power of the New Legislation and Localization

Although Turkey has been a significant market for crypto activities, the lack of legal regulations has always deterred potential users. With the introduction of this bill, the crypto sector in Turkey is striving to comply with international standards. We believe that thanks to this bill, more crypto companies will be able to enter the market with ease, leading to an even more dynamic and fruitful market. Additionally, an important factor comes into play as companies obtain proper licensing and operate on a more local level: Turkish localization.

Localized operations will allow companies to better cater to the unique needs and preferences of Turkish users. Localization will let them solidify their presence in the Turkish market. This emphasis on Turkish localization is essential for ensuring that the benefits of the new legislation are fully realized. And it will surely create a thriving ecosystem for all stakeholders involved.

Written by
Ecenaz Batur
Marketing Specialist