For a long time, Turkey was seen as one of the potential hotspots for crypto innovation. There were good reasons behind this projection. The country is suffering from high inflation rates, which led many to invest heavily in Bitcoin to hold the value of their wealth. In a revolutionary move, the opposition party of the country hosted a meeting on the metaverse. The subject of the meeting also revolved around crypto innovation and regulation. Despite such moves, the government of Turkey has not come up with a clear regulatory framework for cryptocurrencies. As a result, the fear of a blanket ban is always present among Turkish crypto communities. The recent fall in prices in the crypto market has also led to another round of fear. Since many Turkish investors have lost considerable money in the recent crash, the fear of a bigger catastrophe looms around the corner.
Many countries are now taking a sour turn in their crypto policies. The most surprising policy changes have been in Singapore and Nigeria. As a part of its nationwide regulations, Singapore has imposed various curbs and checks on cryptocurrencies. Now crypto exchanges cannot advertise their products and services on public platforms. On top of that, the Monetary Authority of Singapore has called for the removal of all crypto ATMs in the country. Nigeria, similarly, has decided to no longer pursue its cryptocurrency initiatives. As a result of these global developments, many experts now fear a similar reaction from the government of Turkey.