Turkey made itself a name as a crypto-friendly country with a “wait and see” approach to digital assets, but that could be about to change, as the government is now ready to take things in hand.
The Turkish Ministry of Treasury and Finance went to Twitter to express concerns about cryptocurrencies and to announce collaborative work on the topic with several local regulators on Monday.
According to the announcement, the ministry is working with the central bank alongside two financial regulatory agencies:
“We share the rising concerns about crypto with the rest of the world. The developments (on crypto around the world) and the state of crypto in Turkey are closely monitored by our ministry. We are collaborating with the Central Bank, Banking Regulation and Supervision Agency, and Capital Markets Board within this frame under the presidency of Deputy Minister.”
Cointelegraph Turkey reached out to local blockchain and crypto experts for comment. Blockchain 101 co-author and Blockchain Turkey Platform’s chief editor Ahmet Usta noted that the fast-growing cryptocurrency and digital asset ecosystems can be risky for investors who are uninitiated in the complicated dynamics of crypto.