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- 1 The finance minister of Turkey revealed that the country is close to finalizing regulation for the crypto industry in the region.
- 2 Per analysts, the implementation of crypto rules will help the nation to erase its name from the FATF gray list.
- 3 The roots of Thodex have deep connection with Turkey, but due to some reason, the exchange went offline in April 2021.
Almost all nations where crypto adoption is surging steadily, have either prepared their set of rules for the crypto industry and some of them are still working closely to structure a transparent set of rules for the industry.
Mehmet Simsek, the finance minister of Turkey most recently revealed that the country is almost ready with the crypto regulations. The move of drafting a set of rules in the nation is to establish a regulated environment for crypto asset trading platforms within the region.
Several reports claim that the motive behind these regulations is to battle risks that are commonly faced by users in the crypto industry and assets. The successful application of yet-to-be-implemented laws will help the nation over the removal of its name from the Gray list.
The gray list signifies the list of nations that have taken less/insufficient measures to battle money laundering and terror funding activities. However, Turkey is one of those nations that processes a significant number of raw crypto transactions.
Turkey is facing high inflation and the currency of the nation is also losing its value in comparison of US dollars. For the past few months, Turkey has been working towards its exit from the FATF gray list. The recognition under this reduces legal investment in that nation that holds the position in the list.
Thodex and FTX Unprecedented Demise Explained
Earlier in September 2023, TheCoinRepublic reported that Faruk Fatih Ozer the founder of Thodex, a centralized cryptocurrency exchange, his sister Serap Ozer and Guven Ozer brother has been sentenced to 11,196 years and 10 months in prison.
The roots of Thodex have deep connection with Turkey, but due to some reason, the exchange went offline in April 2021, and when searched, the founder of the exchange was missing with users’ funds.
Media reports show that over 400k users were affected following the demise of Thodex. The extradition of exchange was completed after 8 months of legal procedure.
In the past few years, many incidents similar to Thodex occured in the market; but the unprecedented demise of FTX remains the most popular and is one of the most destructive events the industry witnessed.
The collapse of FTX founded by Sam Bankman Fried has affected Millions of users in the market and it is believed that hundreds of billions went missing following the exchange’s bankruptcy.
The FTX bankruptcy has troubled hundreds of companies that were somewhat associated with it, either in a legal or illegal manner. Now the founder of the exchange is facing severe consequences in the U.S federal courts.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
