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As technology continues its hasty integration into every aspect of our lives, regulators across the globe struggle to keep up with the maddening pace of balancing state of the art technology with the use of traditional regulatory schemes.
The technology sector exists in a constant state of growth and improvement; thus, it is essential for regulators to consistently monitor and apprehend market dynamics in order to tailor traditional infrastructure to best suit the needs of the industry. While the financial sector is no stranger to technological development, utilizing the logic behind inventions dating as far back as 1300 BC with the abacus, the sudden popularity of technology like blockchain and cryptocurrencies has forced financial institutions to quickly face the evolutionary era of financial technology (“FinTech”).
In this article, we will take a look at one of the most prominent technologies to emerge from the FinTech sector, cryptocurrencies, by providing a snapshot of the current state of legislation with regard to cryptocurrencies in both the international arena and in Turkey and exploring the hurdles faced by regulators when developing such legislation.
Blockchain & Distributed Ledger Technology
In order to fully grasp cryptocurrencies, we must first explore the heart of any FinTech transaction: Blockchain. …
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