Turkey’s interest in the crypto money sector attracted the attention of not only investors but also regulators, and the expected law was finally prepared.
President Erdogan, talked about this at the last meeting where he met with the journalists and stated that the law in question is ready.
Cryptocurrency Law Ready
In his statement on the subject, Erdogan stated that the law is ready, that it will be brought to the parliament without delay and will be seen in the parliament quickly.
Last Minute: President Erdogan, “Cryptocurrency law is ready, we will take a step in this regard by sending it to the Parliament without delay.”
— Bitcoin System (@bitcoinsystem) December 24, 2021
Although the content of the law is not fully known, the most important thing that is known is the future of tax on crypto money income.
Earlier Lütfi Elvan, Minister of Treasury and Finance In the statement made by the ministry, it was emphasized that a deputy minister was only interested in this issue and it was emphasized that many issues from taxation to regulation would be included in a single law.
In this statement made by Erdogan, the future of taxation on cryptocurrencies is considered certain. According to some experts, this will be a withholding tax like the stock market, while others expect a tax based on income bracket.
Regulating cryptocurrencies is definitely something that citizens demand. Investing in an ecosystem where many cryptocurrency exchanges are shuttered and founders flee is considered quite unsafe for investors. However, investing in a fully regulated environment can create a safe haven for investors who are new to the industry.