According to Bloomberg International news, two authorities are preparing legislation on regulations for the crypto money market in Turkey. According to the authorities, the bill, which is expected to be presented to the Turkish Grand National Assembly in the coming weeks, will come to the fore, especially the rules involving local crypto money platforms. Here are the details…
Regulations for cryptocurrencies are coming: Here are the details
According to the aforesaid, lawmakers in Turkey, like the banking sector, must ensure that cryptocurrencies are securely used to prevent abuses. looking methodically for hiding. The important articles regarding the law are as follows:
- Minister of Commerce Mehmet Muş was present at the meeting.
- The Capital Markets Board (CMB) will determine the principles for the issuance of instruments in the capital market as cryptocurrencies.
- All kinds of sanctions and regulations for these principles may be subject to the rules of the Central Bank, Ministry of Commerce and CMB, depending on the type of crypto money.
- In order to establish a local cryptocurrency platform, permission from the CMB will be required.
- It is stated that crypto currency exchanges located abroad will cease to provide services and activities to people in Turkey within a month after the relevant law comes into force.
- It is envisaged that new items will be added for tax, but no details have been specified.
Regulations in Turkey are gaining momentum
According to a statement made by Turkish officials familiar with the matter, the ruling AK Party President Recep Tayyip Erdogan is expected to present draft laws to the parliament that set new rules for local cryptocurrency exchange platforms in the coming weeks. They said that among the offers is the condition that companies have at least 100 million lira ($6 million) capital. According to officials, another rule will mandate global crypto platforms to open taxable branches in Turkey.
Officials said that while the government has yet to decide how it will tax individuals, it tends to impose a symbolic tax on the purchase of cryptocurrencies. The Turkish authorities are also considering ways to safely store cryptocurrencies, possibly in the infrastructure of the banking industry, to prevent abuses, officials said. The enactment of landmark legislation will signal tighter surveillance in a country rocked by the collapse of several cryptocurrency exchanges last year.
Cryptocurrencies become attractive for Turkish investors
Authorities also announced on Tuesday that Vice President Fuat Oktay, Treasury and Finance Minister Nureddin Nebati and Trade Minister Mehmet Muş He said that new measures were on the agenda of the meeting held at the Presidential Complex. As Cryptokoin.com reported, cryptocurrencies have become attractive to Turks, as decreases in TL and rising inflation reduce the value of their savings.
However, the asset class faces tighter scrutiny over concerns about the dangers it may pose to the wider financial system. Bitcoin and ETH have dropped sharply from last year’s peak, and regulators around the world have stepped up calls for tighter surveillance since the TerraUSD stablecoin fell from its intended dollar peg earlier this month.
