According to new amendments made into the crypto regulation of Turkey, the region may be seeing a completely revamped reality for the blockchain industry.
Earlier this week, The Capital Markets Board of Turkey, also known as the CMB addressed the public in a press release, saying that additional changes to the reinforcement of investor security would be made to the Turkish crypto regulation.
What this means is that the current regulation on allowing crypto trading, investing, selling and purchasing will remain as it is, legal. However, the government will most likely start paying a lot more attention to who is buying these currencies, where they are buying them and how they are buying them.
Overall, it's an amendment to the regulation in order to have a better understanding of just how much the Turkish population is participating in the market, and prevent any unnecessary risks for local investors.
Should there be outrage?
The crypto community is usually divided into multiple sections by critics, experts, and whatnot. But in a very subjective case, the market is divided into two types of investors. The realists, and the delusional.
The reason why this division of the market is a bit more relevant is because of how little most crypto investors care whether or not the government knows about their crypto transactions. The large majority of the market views cryptocurrencies as an investment rather than a medium of exchange, meaning that registering their assets and formally recognizing them as their property is in their best interest.
Therefore, giving the government a bit more information in exchange for additional security is something they can definitely afford. Those who refuse to hand out information and usually meet the intrusion on their privacy by the government very harshly, tend to be those who have the most to hide from said government.
Such attitudes are what creates the demand for information from the blockchain industry. Handing it out freely would most likely decrease the "exclusiveness" factor and make the government a bit more forgiving. But right now, the Turkish government is actually offering something in return for the data, which is more than acceptable.
How Turkey can help Bitcoin
Turkey is one of the best-performing nations in terms of economics if we don't count the last couple of years. However, in the last decade or two, the country has truly shown its worthy to be sometimes confused with a superpower. Its geopolitical location, financial resources and the influence it has on its neighbors cannot be ignored. Therefore, it supporting the adoption of Bitcoin is good news for the global markets.
Furthermore, we need to consider the logistical power of Turkey and how it connects Europe to Asia. The bosporus is the best way to connect these two continents as long as the logistical mission is being conducted via land. This gives Turkey amazing income through customs and fees for transportation.
In the past, the government was considering adding the blockchain technology to their logistics industry but scrapped it before it could develop further.
Should these new amendments be successful in the eyes of Turkish crypto investors and business owners, it's highly likely that Turkish customs offices will start implementing blockchain in the future.
Once the blockchain is implemented though, it will become obvious just how much additional profit can be made from using this technology, thus the introduction of Bitcoin payments.
Overall, it's a very loose chain of events, but it has the potential of being true after these adjustments to the local regulation.