SnapBots News Review-Law Regulating Cryptocurrencies Enters Turkish Parliament in October
The Turkish government is ready to present a bill in the parliament which will regulate crypto assets in the country this October.
The new bill will be proposed to the Grand National Assembly of Turkey (GNAT), the country’s only legislative body, in two months as announced by the Turkish Ministry of Treasury and finance Sakir Ercan Gul.
In the new bill:
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.
Companies involved in the crypto economy will also have to meet minimum capital requirements, the deputy finance minister revealed. The Financial Crimes Investigation Board will be tasked with establishing a surveillance mechanism for consumer protection, preserving market integrity and competition.
The new bill also defines different types of crypto assets. It designates the issuance and distribution of crypto assets, trading policies, and conditions of crypto custodial services
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.
As of the new bill draft, it will make it considerably more expensive for companies to enter the crypto industry as the government sets to propose “minimum capital requirements.” This new legal framework will limit many small entrepreneurs to enter the crypto market and will add protective measures like security clearances and collateralisation will also help investors with safer investments in the crypto space.
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