Since the beginning of 2024, discussions regarding the new legal framework concerning crypto assets in Turkey have surfaced despite it not being among the foremost topics of the economic agenda. Following the recent Economic Coordination Board meeting, Vice President Cevdet Yılmaz announced that efforts towards the new cryptocurrency legislation are underway, even specifying a timeframe. Yılmaz indicated that the legislation will be among the parliament's top priorities in April, immediately following the local elections scheduled for March 31. Consequently, the forthcoming crypto law has begun to emerge on the horizon.Public awareness of the law's specifics remains primarily confined to broad definitions. What is known publicly is that the law will adopt a regulatory role. However, the extent to which this regulation will reach beyond the legal definition of crypto assets is a significant question mark. One of the critical reasons why crypto investors are drawn to this alternative is the decentralized nature of cryptocurrencies and the market. Consequently, the notion of "centralized supervision" contradicts the essence of cryptocurrencies. While this requirement could potentially be met through specific licensing obligations, it is expected that regulation should minimally impede investors' activities.Cryptocurrency regulation presents Turkey with crucial junctures. On one hand, the drive to exit the FATF's "Gray List" is deemed the foremost imperative of these regulations. This is a legitimate evaluation, given that cryptocurrencies present diverse challenges and opaque areas in terms of complying securely with FATF requirements.Simultaneously, cryptocurrencies remain an investment avenue for numerous economic entities in Turkey and globally. Consequently, measures taken solely to fulfill FATF requirements risk disregarding the essence and dynamics of crypto markets entirely. This could potentially constrict the economic landscape for crypto investors, particularly those residing in Turkey. To avert this, the needs of investors should be considered at least as attentively as those of the FATF.As such, following the elections, the legislator in Turkey faces a delicate balancing act that will directly impact market dynamics and economic activities. At present, we can only await the correct calibration of this delicate scale. <hr fr-original-style="" style="height: 0px; overflow: visible; border-bottom: none; clear: both; user-select: none; break-after: page; box-sizing: border-box;"> [1] Ceza Muhakemesi Kanunu ile Bazı Kanunlarda ve 659 Sayılı Kanun Hükmünde Kararnamede Değişiklik Yapılmasına Dair Kanun Teklifi, şuradan erişilebilir: &nbsp;https://cdn.tbmm.gov.tr/KKBSPublicFile/D28/Y2/T2/WebOnergeMetni/6e8b6477-2942-49d1-acf1-cfa13bcac252.pdf[2] AYM, E.2022/120, K.2023/107, 01/06/2023.[3] Işıkırık/Türkiye, no. 41226/09, 14.11.2017&nbsp;[4] Hamit Yakut [GK], B. No: 2014/6548, 10/6/2021; AYM, E.2023/132, K.2023/183, 26/10/2023

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As such, following the elections, the legislator in Turkey faces a delicate balancing act that will directly impact market dynamics and economic activities. At present, we can only await the correct calibration of this delicate scale.

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