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Turkey has been preparing for cryptocurrency legislation for a long time, and it is said to be in the final stages. In December, the Minister of Treasury and Finance, Mehmet Şimşek, stated that the prepared law would be on the agenda of the Parliament in January. We are not yet privy to the details of the law. However, rumors point to very different scenarios, ranging from a possible ban on foreign exchanges to the law being liberal. So, what does the cryptocurrency community in Turkey think at this point? To find out, we conducted a survey at COINTURK. We have compiled the responses for you.
Survey Results from the Turkish Cryptocurrency Community
The survey asked a straightforward question about the cryptocurrency law: In what framework should the Turkish cryptocurrency law be established? Four possible answers were provided:
- Ban both local and global exchanges.
- Ban only global exchanges.
- Continue the current regulation.
- Current regulation + tax.
Out of 748 participants, 74.2% expressed their opinion in favor of continuing the current regulation. This majority may also imply that they do not want any tax regulations on cryptocurrencies.
On the other hand, 20.6% of the survey participants stated that the current regulation should continue but taxes should be levied on cryptocurrencies. This group’s emphasis on taxation indicates the importance they place on legal status for cryptocurrency units.
What framework do you think the Turkish cryptocurrency law should be established in?
(for more comprehensive survey results, please rt+like)
— COINTURK (@cointr) January 5, 2024
3.1% of the survey participants expressed their opinion that both local and global exchanges should be banned, indicating they want a complete ban on cryptocurrencies. 2.1% of the participants expressed their opinion in favor of banning only global exchanges.
What Message Does the Survey Send to Legislators?
The survey results underline the different perspectives on regulatory measures within the Turkish cryptocurrency community. While a significant majority favors the continuation of the current regulation without additional taxes, a notable segment supports the integration of taxation into the existing framework. A very small minority advocating for comprehensive or global exchange bans adds complexity to regulatory discourse.
The diversity of perspectives highlights the importance of involving stakeholders in constructive dialogues to shape a regulatory framework that accommodates the unique dynamics of the cryptocurrency ecosystem in Turkey.
Why Are the Opinions of the Turkish Cryptocurrency Community Important?
Consulting the cryptocurrency community while forming cryptocurrency laws can have both positive and challenging outcomes. The Turkish cryptocurrency community often consists of experts, developers, and enthusiasts who have in-depth knowledge about technology, market dynamics, and potential regulatory challenges. Consulting these individuals can yield results beneficial to the country. Additionally, involving the Turkish cryptocurrency community in the legislative process can help promote innovation.
From a user perspective, cryptocurrency laws can directly affect users and investors. Consulting the community ensures that the perspectives of end-users are considered, aiding in the creation of more effective and fair regulations.
Given that the cryptocurrency system operates on a global scale, legislators should focus on the advantages that can be provided as a country, rather than a direct prohibitive mindset, and address this issue with fair and accessible regulations for everyone. This is important for the future of our country, which is known to have approximately 10 to 15 million cryptocurrency users.
