Editor's Note: This article comes fromCointelegraph Chinese (ID: CointelegraphChina), reprinted by Odaily with authorization.

Editor's Note: This article comes from

Cointelegraph Chinese (ID: CointelegraphChina)have expressed, reprinted by Odaily with authorization.

Turkey has established itself as a crypto-friendly country by taking a “wait and see” approach to digital assets, but that may be about to change as the government is now poised to take over cryptocurrency regulation.

The Turkish Finance Ministry tweeted on Monday

have expressed

concerns over cryptocurrencies and announced cooperation with several local regulators on the topic.

According to the announcement, the Turkish Finance Ministry is working with the central bank and two financial regulators:

“We, like the rest of the world, have growing concerns about cryptocurrencies. Our department closely monitors the development of cryptocurrencies around the world and the status of cryptocurrencies in Turkey. We are working with the Central Bank, the Banking Supervision Office and the Capital Markets Committee on this Cooperation within the framework, chaired by the Deputy Minister.”

Cointelegraph Türkiye reached out to local blockchain and crypto experts for comment. Ahmet Usta, co-author of Blockchain 101 and editor-in-chief of Blockchain Platform Turkey, noted that the rapidly growing ecosystem of cryptocurrencies and digital assets can be risky for investors unfamiliar with the complex dynamics of cryptocurrencies.

He said: "I think the announcement by the Ministry of Finance is appropriate in this context and I hope that future regulations will pave the way for innovation while protecting consumers. I hope Turkey will seize the cryptocurrency and blockchain technology sector This historic opportunity to make these assets possible and achieve global leadership with its demonstration projects by creating a healthy ecosystem."

Crypto lecturer İsmail Hakkı Polat told Cointelegraph that the main goal of the Finance Ministry’s statement is consumer protection, saying: “I think the first step will be to authorize local cryptocurrency exchanges to prevent any activity that could harm investors. This can It does so by using the capital markets as a template."

“If the government takes a friendly approach, reduces tax rates, and allows easier buying and selling of bitcoin or other cryptocurrencies within the legal framework, then Turkey will once again become an attractive market for global crypto investors. At a time when foreign capital flows are desperately needed, The potential interest in Turkey from global crypto investors will bring economic relief to the country.”Zhao ChangpengPolat also suggested that any potential tax regulations should follow the approach of international bodies such as the Financial Action Task Force and have a clear definition of what constitutes a cryptocurrency.“The lack of definitions and regulations for cryptocurrencies will lead to authoritative confusion among regulators. Tax policies will definitely come out, but they must be studied systematically and carefully,” Polat said.In an earlier interview, the Binance CEO

Zhao Changpeng

told Cointelegraph that Binance. “Working with governments is key to building a sustainable industry and fostering greater adoption. We are always working with local regulators in our development efforts,” he explained.

according toÖzgür Güneri, CEO of major Turkish cryptocurrency exchange BtcTurk, expressed public support for the regulations in a press release. “The regulatory framework for the cryptocurrency market will add value to the Istanbul Financial Center Strategy and position Turkey as a leader in the industry. We appreciate and support efforts in this regard.”Elbruz Yılmaz, General Manager of Bitpanda Türkiye