Mehmet Şimşek, the Minister of Treasury and Finance of Turkey, addressed cryptocurrency topics at a recent event. He highlighted that both Putin and Trump are optimistic about the ongoing growth of cryptocurrencies. Particularly, Trump has pledged to make the U.S. a hub for cryptocurrency innovation. However, what insights did Şimşek share?

Turkey’s Cryptocurrency Regulations

The regulatory process concerning cryptocurrencies is gradually progressing in Turkey, clarifying many issues, especially related to exchanges. Measures implemented to protect investors have established general oversight and adequacy standards for exchanges. Moreover, the requirement for activity permits has introduced a certain level of security standards.

During the GENÇİZ event, Şimşek discussed the high-risk nature of cryptocurrencies compared to traditional exchanges.

“Currently, in Turkey, there are four major cryptocurrency platforms. One individual can hold multiple accounts, totaling 22.1 million crypto accounts. This indicates a strong interest in the riskiest sector.

Cryptocurrency is fundamentally software and algorithms. It is essentially someone selling you an algorithm. The stoc...