Turkish cryptocurrency bill enters parliament in October – Bitcoin News
The Turkish government has prepared a bill to implement new regulations for the country’s crypto space. The legislation, which will be tabled in parliament this fall, will introduce taxation of crypto assets and specific capital requirements for companies operating with digital assets.
New legislation to regulate the crypto market in Turkey
Following in the footsteps of the West, Turkey plans to bring order to its crypto space soon. Work on a bill to strengthen investor protection, prevent dirty money laundering, and improve cryptocurrency trading controls has been completed, Deputy Treasury and Finance Minister Şakir said. Ercan Gül.
Quoted by the daily Sabah, Gül noted that Turkish regulations will be similar to those introduced in Western Europe and the United States, although “a little more stringent,” the official noted, citing the rate regime. floating exchange rate of the country. as a factor. Speaking to the Parliamentary Planning and Budget Committee, Gül said:
Those who forbid [cryptocurrencies] are generally countries with democracy problems. There are free mechanisms in Western Europe and America.
In October, the new bill will be submitted to parliament in Ankara. Like some European jurisdictions, the Turkish government intends to introduce a tax for cryptocurrency holdings above a certain threshold. Lawmakers will consider various proposals such as introducing mandatory reporting for crypto transfers of a certain value to the country’s tax office.
Turkish crypto companies to meet capital requirements
The new legislation will also define the different types of crypto assets and address issues related to the issuance and distribution of digital coins. The bill lists key principles that traders must adhere to and the terms under which crypto platforms can provide custody services for digital currencies. Companies will have time to adapt to the new regulatory framework.
Companies involved in the crypto-economy will also need to meet minimum capital requirements, the deputy finance minister revealed. The Turkish Capital Markets Board will assume responsibility for overseeing their activities. The Financial Crimes Investigation Board will be responsible for establishing a supervisory mechanism for consumer protection, preservation of market integrity and competition.
Turkey, which is one of the countries where cryptocurrencies have grown in popularity, banned the use of digital assets for payments in April with a regulation released by the central bank. The measure was implemented as the Turkish lira continued to depreciate for months. Following the ban, Ankara updated its existing crypto regulations, adding coin exchanges to a list of entities governed by its anti-money laundering rules.
What do you think of the crypto regulations proposed in Turkey? Share your thoughts in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Warning: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, nor a recommendation or endorsement of any product, service or business. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, good or service mentioned in this article.