Turkish Cryptocurrency Bill enters Parliament in October
The Turkish government has prepared a bill designed to implement new regulations for the country's crypto space. Legislation, to be tabled in parliament this fall, will introduce taxation of crypto assets and specific capital requirementss for businesses 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 Turkey soon its crypto space. Work on a bill to strengthen investor protection, prevent dirty money laundering and improve control of cryptocurrency trading has been completed, Deputy Treasury and Finance Minister Şakir said. Ercan Gul.
Quoted by Sabah every day, Gul noted that Turkish regulations will be similar to those introduced in Western Europe and the United States, although somewhat stricter the official noted, citing the country's floating exchange rate regime as a factor. Addressing the parliamentary committee of the planification and budget, Gul said:
In October, the new bill will be submitted to parliament in Ankara. Like some European jurisdictions, the Turkish government intends to introduce taxation for cryptocurrency holdings above a certain threshold. Lawmakers will consider
Turkish crypto companies must 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 the key principles that traders must adhere to and the terms under which crypto platforms can provide custodial services fordigital 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 the one of the countries where cryptocurrencies have grown in popularity, bans the use of digital assets for payments in April with a regulation issued by the central bank. The measure was implemented as the Turkish lira continued to depreciate for months. Following the banion, Ankara has updated its existing crypto regulations, adding coi n exchanges to a list of entities governed by its anti-money laundering rules.
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