Crypto investors in Turkey were on edge about the legislation that was said to be coming in January. They were not unjustified in their concerns, as the 2021 draft, which was claimed to be influenced by domestic players, was extremely restrictive and filled with clauses that had the potential to end the cryptocurrency space in Turkey.
Fatma Özkul and Cryptocurrencies
Turkish crypto investors, who were already having sleepless nights, received some very good news in the early hours of the night. By presidential decree, Prof. Fatma Özkul was appointed to the Central Bank of the Republic of Turkey’s (TCMB) Monetary Policy Committee. So, what’s the exciting part?
The good news is that an expert who is deeply familiar with cryptocurrencies and knows the industry has been appointed. Özkul was awarded the best finance and economy book of the year at the Platin Business Books Awards Ceremony for her book “Accounting for Crypto Assets.” Fatma Özkul is a name that believes cryptocurrencies should be considered within their own nature, far from a one-size-fits-all approach. For instance, in her comment about MICA on June 11, 2023, she had said;
“In this context, the fact that their value is pegged to fiat currency allows these assets to be accounted for under the Cash account’s Digital Currencies sub-account according to the IAS 7 Statement of Cash Flows Standard. It is worth noting; whether national (MSUGT, VUK) or international (IFRS, US GAAP), when we look at the current accounting standards, we see that they are not directly applicable to crypto assets, which were designed for physical assets. We are trying to fit them into existing standards in some way. Of course, what should ideally be created is a brand new accounting standard that fully represents crypto assets and is true to their nature. Easier said than done.”
She is also known for criticizing the rigid approach of banks towards cryptocurrencies. In a post on April 3, she said;
“Following the SVB incident, the process in the UK has reached a point where banks refuse to open accounts for crypto ventures. Yet, before R. Sunak became Prime Minister, he had said, ‘Making the UK a global hub for crypto asset technology is my passion.’ We shall see.”
She also believes in the benefits that cryptocurrencies can bring. In a post dated March 11, 2021, she wrote;
“The crypto economy with #NFT will change our perspective on investment and ownership concepts by tokenizing not only digital world assets but also physical world assets.”
In summary, Prof. Fatma Özkul is one of the best names to play a role in the regulation process of cryptocurrencies in Turkey. She is aware of what is happening and could be the hero of crypto investors in Turkey.
