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Turkish president Tayyip Erdoğan says the cryptocurrency law is ready.

Turkish President Recep Tayyip Erdoğan has announced that the country’s cryptocurrency law “is ready” and will be submitted to parliament “without delay.”

According to the local media NTV report, Turkish President Recep Tayyip Erdoğan said at a meeting with journalists Friday that the country’s cryptocurrency law is ready. While providing information on crypto legislation, Erdogan said: The law is ready, and we will send it to the parliament soon without delay. Financial regulators and governments across countries are actively working on cryptocurrency regulations as more and more countries are regulating the growing industry. 

President Erdoğan shared plans to implement a new economic model.

In an effort to counter the falling value of the Turkish lira, President Erdoğan shared plans to implement a new economic model while speaking at a press conference in Istanbul. Addressing the country’s recent inflationary episode, Erdoğan said that the currency event is not related to mathematics but a matter of process — implying a possibility and potential of lira’s value growth.

“With this understanding, we intend to channel it to a dry spot. But the exchange rate will find its own price on the market,” the president noted.

Turkish Financial Crimes Investigation Board fines Binance.

Following the president’s announcement, the state-owned Anadolu news agency reported that the Turkish Financial Crimes Investigation Board (MASAK) had fined Binance’s Turkish exchange 8 million lira ($751,314) over violations found during liability inspections. Without providing further details, the report detailed: The fine imposed on BN Teknoloji was the first of its kind after the authority took on responsibilities to oversee crypto asset service providers in May. Binance Turkey then shortly issued a statement emphasizing that it “openly” communicates and cooperates with regulatory and supervisory authorities. Earlier this year, Turkey had set out some rules and regulations for the crypto industry after a couple of exchanges engaged in fraud. The Turkish central bank has also banned the use of cryptocurrencies for payments.