With the latest statement from President Recep Tayyip Erdoğan, there was an atmosphere of panic in the domestic crypto money community. In his statement, Erdogan said that the crypto money law is ready and said, “We will take a step in this regard by sending it to the Parliament without delay.” After the announcement, it is expected that the regulations regarding the crypto money market will come to the agenda of the Parliament in the coming days.
Although the draft law is ready, its content is not known yet. At this point, community members shared their predictions on the subject. Paradotor, one of the popular analysts, made the following predictions by saying “the rules he expects”:
3- Prohibition of leveraged transactions.
4- Regulation, capital report, license conditions for Turkish crypto exchanges. Subject to inspection.
— Paradotor (@eness_turann) December 25, 2021
Sima Baktaş, the founder of CryptoWomen Turkey and GlobalB Law, claimed to have seen the bill and shared more clear information about the bill. Accordingly, there is no statement on taxation in the bill. In Baktaş’s words, “More regulation on crypto exchange companies. But believe me, it does not protect the users very much, nor the crypto exchanges.”
Rather than creating a speculative environment, my aim is to raise the harms of such a draft, as you know, the CBRT introduced a law overnight! Many people, not just me, should share so that they know how the edit, which is already difficult to recover, will cause problems!
— Sima Baktas🔺 (@simabaktas) December 25, 2021
According to Sözcü’s claim, the issue of “by whom and under what conditions the asset custody service will be performed” is regulated. In other words, a regulation on exchanges can be expected. Moreover, allegedly, as a result of the regulation, exchanges that allow cryptocurrency trading and storage of assets will be able to operate under the supervision of the Capital Markets Board. In addition to the minimum capital requirement, certain criteria will be sought for the companies that will establish these exchanges. The Financial Crimes Investigation Board (MASAK) will also supervise the companies.
The BRSA, on the other hand, will establish the oversight mechanism for the protection of crypto money investors and the creation of a healthy market environment.
Again, according to the spokesperson’s claim, the regulation also includes articles on taxation of crypto currency trading. Accordingly, taxation is expected to be realized through ‘withholding’, as in foreign exchange trading, rather than income tax or direct taxes.
It is a matter of curiosity what kind of regulation will come in line with these claims.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.