New regulation that concerns crypto money investors in Turkey is being implemented. The regulation, which imposes new obligations on cryptocurrency exchanges, is expected to be published within the first three weeks of January.
Cryptocurrencies will be kept in cold wallets in Turkey
With the regulation to be published in January, it is planned to impose an obligation on cryptocurrency exchanges in Turkey to keep customers' crypto moneyin cold wallets in Turkey. With the implementation of this regulation, the reserve amounts of the stock exchanges will be controlled by the state. The assets of domestic investors will be kept in Turkey. Heists such as Thodex fraud will be prevented. In addition, the development of the cold wallet industry in Turkey will be ensured.
Gate.io Global Growth Director Kafkas Sönmez made a statement about the new regulation. He stated that, according to the workshops, they are working on the obligation for cryptocurrency exchanges to keep digital assets in cold wallets in Turkey. This obligation, included in the draft version, will be published and implemented within the first three weeks of January unless there is an adverse event.
The regulation, which will be published in January, includes examples of regulations active in Europe and the USA. There are articles regarding the state monitoring of stock exchanges, protection of investments and determination of the amount of reserves.
Gate.io Global Growth Director Kafkas Sönmez stated that the regulationswill have a positive impact on the sector. He said that placing investments under state control would give investors more confidence. He emphasized that the joint creation of a regulatory framework by all stakeholders in Turkey will revitalize the local market, attract the attention of global stock exchanges and create trust among users.
The local cryptocurrency exchange serving in Turkey of Gate.io, a cryptocurrency exchange serving worldwide Gate TR, in 2022 It started its activities in our country in November. Gate TR has achieved rapid growth in one year. It increased the number of users by 116 percent and transaction volume by 113 percent in the last 6 months.
