Turkish Draft Law Regulating Cryptocurrencies Enters Parliament in October – Regulation Bitcoin News

Bitcoin.com

The Turkish government has prepared a bill designed to implement new regulations for the country’s crypto space. The legislation, which will be filed in the parliament this fall, will introduce taxation for crypto holdings and specific capital requirements for companies operating with digital assets.

New Legislation to Regulate Turkey’s Crypto Market

Following in the footsteps of the West, Turkey is planning to soon put its crypto space in order. The work on a draft law aiming to strengthen investor protection, prevent dirty money laundering, and improve control over cryptocurrency trading has been completed, the Deputy Minister of Treasury and Finance Şakir Ercan Gül announced.

How To Get Free Crypto  

Quoted by the Sabah daily, Gül noted that the Turkish regulations will be similar to those that are being introduced in Western Europe and the United States, although a “little more stringent,” the official remarked, citing the country’s free-floating exchange rate regime as a factor. Speaking to the parliamentary Planning and Budget Committee, Gül stated:

Those that ban [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 the parliament in Ankara. Like some European jurisdictions, the Turkish government intends to introduce taxation for cryptocurrency holdings above a given threshold. Lawmakers will review various proposals such as introducing mandatory reporting for crypto transfers over 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 deal with matters related to the issuance and distribution of digital coins. The draft law lists key principles traders should abide by and conditions under which crypto platforms may provide custodial services for digital currencies. Businesses will be given time to adapt to the new regulatory framework.

Companies involved in the crypto economy will also have to meet minimum capital requirements, the deputy finance minister revealed. The Capital Markets Board of Turkey will take responsibility for the oversight of their activities. The Financial Crimes Investigation Board will be tasked with establishing a surveillance mechanism for consumer protection, preserving market integrity and competition.

Coinbase Banner  

Turkey, which is one of the nations where cryptocurrencies have gained significant popularity, prohibited the use of digital assets for payments in April with a regulation issued by the central bank. The measure was enforced as the Turkish lira kept depreciating 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 about the proposed crypto regulations in Turkey? Share your thoughts in the comments section below.

Tags in this story
Ankara, bill, capital requirements, Crypto, crypto regulations, crypto trading, Cryptocurrencies, Cryptocurrency, draft law, Exchanges, Finance Minister, Government, Law, Oversight, parliament, Proposals, Regulations, requirements, rules, Tax, Taxation, Turkey, Turkish

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. 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 alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Go to Source
Author: Lubomir Tassev


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.