The Grand National Assembly of Türkiye is starting its work again after the local elections. One of the agenda of the parliament will be the cryptocurrency bill. The Turkish crypto market and investors are eagerly waiting for what kind of law they will encounter after long studies. Minister of Treasury and Finance Mehmet Şimşek had previously given some clues. However, the final version of the draft is still unclear.
Cryptocurrency bill is coming to the Turkish Grand National Assembly!
cryptokoin.comAs you follow from , countries all over the world are working to regulate the crypto industry. One of these continues in Turkey, which has an important place in the cryptocurrency world. The Grand National Assembly of Turkey (TMBB) restarts its work after a break due to local elections and Eid al-Fitr. One of the important agendas of the parliament will undoubtedly be the cryptocurrency bill. The bill will be on the agenda of the parliament, which opened after a 1.5-month break.
The interest in cryptocurrencies in Turkey has created a need for regulation in this area. That’s why regulations that previously banned crypto payments were introduced. However, these regulations remained suspended because they were not fully mature. In the new year, local elections were on the political agenda. After the elections in March, the bill was taken off the shelf. Thus, there is no obstacle for the cryptocurrency bill to come to the Turkish Grand National Assembly. Minister of Treasury and Finance Mehmet Şimşek previously pointed out the post-election period for the presentation of the bill. Therefore, this week, the bill is expected to come to parliament along with various other proposals.
What will the bill bring and what will it take away?
The draft law on cryptocurrencies in Turkey has become a source of concern for investors, especially regarding taxation. However, the statements of Treasury and Finance Minister Mehmet Şimşek and officials made some statements that there is nothing to worry Turkish crypto investors. Authorities have frequently stated that the aim is to protect cryptocurrency investors. On the other hand, they gave assurances that tax is not a priority for now.
However, the fight against money laundering will be at the forefront. In this context, strict KYC (Know Your Customer) processes and criteria will come into play. Therefore, one of the goals will be to make crypto transfers similar to EFTs in banks. Additionally, it is on the table for stock exchanges that want to operate in Turkey to establish an office. Additionally, there is the licensing issue of crypto exchanges, which is on the agenda in many countries. This will make the Capital Markets Board (CMB) the main regulatory body for the sector. On the other hand, a ban on leveraged transactions, which are high risk for investors, is on the agenda. It seems that we will say goodbye to Bitcoin ATMs within the scope of this legislation.
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