Turkish Stance on Crypto Coming into Focus – CBRT Denies Ban and Arrests are Made

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Turkish Stance on Crypto Coming into Focus – CBRT Denies Ban and Arrests are Made

As digital assets capture the attention of the masses worldwide, government agencies and financial institutions are forced to adapt to the times.  Although each country has its own obstacles, the various events of the past week have highlighted the challenges facing the Republic of Turkey.

CEO Turkish stock exchange disappears

The main catalyst for the regulation of digital assets in the Republic of Turkey occurred a few days ago when Thodex CEO Faruk Fatih Ozer disappeared.  Simultaneously with his disappearance, Todex went into decline, taking millions of customers with it.

Although the magnitude of this event is not yet clear, it is believed to be significant and to have affected tens of thousands of investors.

Arrests made

Following the events surrounding the aforementioned disappearance of the CEO of Thodex and the subsequent closure of the company, the authorities took immediate action.  About 80 people are wanted with arrest warrants.  About 62 people have been arrested so far.

While the resources devoted to resolving the Todex situation are significant, this does not stop the Turkish authorities from seeking out those responsible for other events of a similar nature.  Vebitcoin, another Turkish digital asset exchange, also disappeared a few days ago, taking investors’ money with it.  So far, four people have been arrested by the authorities in this case.

While participants will undoubtedly try to make a distinction, it seems that the aforementioned exchanges have made an attempt to exit the market as a result of the tightened supervision of the sector by the Central Bank of the Republic of Turkey (CBRT).

We recently discussed these restrictions and the reasons given by the CBRT.

Accruals received

In addition to the previously announced restrictions, senior central bank officials recently announced that even more comprehensive regulations will be announced in the coming weeks.

Interestingly, Governor Shahap Kavacioglu, head of the CBDT, announced that although the regulation has already come into force, there will be no outright ban.  He stated: Nothing can be solved by banning cryptocurrencies, nor do we intend to.

Only the positive developments in Turkey have been taken into account.  Despite exchanges like Todex and Webitcoin, the country’s authorities have decided to be lenient with the cryptocurrency itself.

The decision may be based on the perception that a ban on cryptocurrencies would be a losing proposition – whatever the reasoning, regulation is a welcome alternative to a ban that is expected by those following developments.

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Emilia James
By Emilia James

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