- Turkish Ministry of Treasury and Finance completed a draft bill regarding crypto.
- A cryptocurrency law in Turkey is coming to parliament this October.
- The legal draft puts a minimum capital requirement for crypto companies in Turkey.
According to CNN Turk, a cryptocurrency law in Turkey is coming to parliament this October. The Deputy Minister of Treasury and Finance, Şakir Ercan Gül announces that they have completed a draft bill for crypto.
In particular, the legislative work is expected to strengthen investor protection, prevention of black money, and control in crypto trading. The bill will be proposed to the Grand National Assembly of Turkey, the unicameral Turkish legislature.
Şakir Ercan Gül also shared that this likely be similar to Western Europe and US arrangement.
“As we are a country with a free exchange and exchange rate regime, we bring a little more strict regulation.”
Of note, in European countries, taxes are charged for values above a certain amount. More so, and there is a minimum capital requirement for crypto businesses. With this, the completed draft aims to protect retail investors, prevent money laundering and reinforce supervision for crypto exchanges.
Furthermore, types of crypto assets were also discussed in the bill. They also assigned the issuance and distribution of crypto assets, trading policies, and conditions of crypto custodial services.
As discussed in the draft, the Turkish Capital Markets Board (SPK) will oversee crypto asset companies. Meanwhile, the Banking Regulation and Supervision Agency (BDDK) will audit crypto industry players. BDDK will also be responsible for establishing mechanisms to protect the consumer and market integrity.
It can be recalled that Turkey took a defensive stance against crypto assets earlier this year. The Turkish Ministry of Treasury and Finance announced that they are working with their financial regulators, central bank, BDDK, and SPK to prepare a legal framework.
Thus, several local experts think that a friendly approach to crypto regulation can indeed make the country an attractive market for global crypto investors.