On May 24, a meeting on cryptocurrencies was held at the Presidential Complex under the chairmanship of Vice President Fuat Oktay. Here are the details of the meeting…
Cryptocurrencies were discussed in Beştepe
According to the news in the local press, discussions on pensions and crypto money regulations were held at the meeting. Minister of Commerce Mehmet Muş and Minister of Treasury and Finance Nureddin Nebati also attended the meeting chaired by Vice President Fuat Oktay. In the second part of the meeting, the regulation of cryptocurrencies, which has been prepared for a long time, was discussed. According to the content of the draft, which has not yet been completed and is planned to become law, the Capital Markets Board (CMB) will be able to determine the principles for the issuance of capital market instruments as cryptocurrencies.
Additionally, depending on the type of cryptocurrency, the Central Bank will be able to independently authorize the Ministry of Commerce and the Capital Markets Board for various penalties and restrictions. In order to establish crypto exchanges, it will be necessary to obtain a license from the Capital Markets Board. Stock exchanges headquartered outside Turkey will stop providing services and operations to the Turkish people one month after the relevant legislation comes into force. In addition, it is planned to add additional items with a tax component to the prepared text.
What were the results of the meeting
According to the news in the local press, CMB will be authorized as the institution that will decide on the principles regarding the issuance of cryptocurrencies. Apart from that, it will oversee crypto money exchanges and have a say in the establishment. It is expected that the draft law on cryptocurrencies will be finalized after the tax clauses are added. As Kriptokoin.com , we will be conveying the future decisions.
Regulations for crypto money markets in Turkey
One of the important steps towards the regulation of cryptocurrencies was named in January this year. On this date, the AK Party accelerated the preparations for the legal basis. It is estimated that there are over 5 million investors in Turkey. Work is underway on a draft law to properly prepare this ground. With the regulation, it is planned to make the local exchanges that carry out cryptocurrency transactions auditable and transparent, and to impose a capital requirement on the exchanges. These proposals were expected to be clarified by the end of January.
