Since March and April 2021, it has been reiterated by government officials that a law on cryptocurrencies will be introduced. President Recep Tayyip Erdoğan also touched upon this area in his speech yesterday. Cryptocoin. com we are conveying the details…
What do the crypto money regulations pointed out by the President cover?
President Recep Tayyip Erdogan, in a statement yesterday, said that the regulation for cryptocurrencies is ready and will soon be presented to the Turkish Grand National Assembly. According to the information reflected in the mainstream media, tax is also included in this regulation. According to the information, in this ecosystem consisting of Bitcoin and altcoins, stricter rules may be encountered than their counterparts in America and Europe, while strict controls are coming to trade.
In the draft law prepared by the Ministry of Treasury and Finance, types of crypto assets were defined and the distribution and purchase of these coins were mentioned, as well as the process of issuing them. One of the prominent items was who will do the custody service. It is stated that exchanges that can offer custody services can operate under the supervision of the Capital Markets Board (CMB). It is also reported that these companies will be supervised by MASAK, and the BRSA will monitor the environment for a healthy market environment. It is also stated that some criteria such as the minimum capital requirement will be sought in these companies.
Is there tax?
The regulation in question also includes the tax issue that investors in Turkey are particularly curious about. There are expectations that the taxes will be realized “through withholding as in foreign exchange trading”. Former Deputy Treasury and Finance Minister Şakir Ercan Gül had signaled that in mid-2021, “Western Europe will introduce a stricter regulation than the United States” on crypto regulation. “We are in search of making arrangements more or less similar to Western Europe or America in a structure where there is a free exchange regime. The main regulations of the European Union regarding this will be in 2024.
