Grand National Assembly of Turkey Research Services Presidency has prepared a 68-page report titled “Country Examples of Legal Regulations Regarding Crypto Assets”. In the report, it was stated that the crypto asset market, which was 14 billion dollars in 2016, has reached 3 trillion dollars today, and the use of crypto assets as a means of payment in many areas from tourism, education, digital publishing to art shopping has become widespread.
Some Countries See it as an Opportunity, Some as a Threat
According to the news of Milliyet, some countries see crypto assets as an “opportunity” and some as a “threat” and ban them, which draws attention to the fact that there is no international standard yet. In the report, the confusion in the world was explained as follows:
“For example, while some countries such as the USA, Germany, Japan, Canada approach crypto assets positively, some countries such as China, Bolivia and Nepal approach negatively. In addition, the attitudes of countries It is also known that it has changed over time.For example, while China had a positive approach at first, it banned most activities related to crypto assets in 2021. The USA, while having a questioning attitude, has become one of the countries with the most positive attitude in recent years.
leaving the legal regulations to time and following the regulations of the leading countries in this field. “The countries that started the regulations early, realized the mistakes and made changes,” the report said.
Lack of Experts and Lack of Experience
The report noted:
“The crypto asset issue is a highly technical issue, it is not common in public institutions. “For reasons such as the scarcity of personnel who can be considered experts in the field and the fact that parliaments do not have experience, the legal regulations in this field bring a learning process for the parliaments of most countries. It is seen that the parliaments seek to obtain information from experts in order to make sound regulations.”
Information Pollution
In the report, which states that there is serious information pollution at the point of monitoring the regulations made by countries, “Mainstream media on a global scale, either consciously because the crypto market is suitable for manipulation, or because the media is unfamiliar with the subject. unconsciously, he appears to have misrepresented his legal regulations.” it was said.
There Are Different Approaches Even in the Same Country
Using the example of Russia, the report pointing out that different approaches can be seen even among institutions in the same country, “In February 2022, while the Central Bank of Russia expressed its opinion on the prohibition of crypto assets, Russia “The Ministry of Finance stated that crypto assets are an important investment pool and that a legal regulation should be made that foresees the release of crypto mining. When the discussion was transferred to the President of the Russian Federation, it was stated that there should be a consensus among the institutions and that crypto technology should be used.”
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