Turkish government to introduce a new crypto Bill

Turkish cryptocurrency investors can breathe a collective cautious sigh of relief as a legal framework designed to prioritize transparency, safety, and suitability of crypto exchange platforms will be delivered to Parliament in the weeks ahead.


Turkish cryptocurrency investors can breathe a collective cautious sigh of relief as a legal framework designed to prioritize transparency, safety, and suitability of crypto exchange platforms will be delivered to Parliament in the weeks ahead.
Turkish government | Image: Anadolu Agency

According to a government official, the crypto regulations under review in the Turkish Parliament do not possess a 40% tax on digital assets.

Mustafa Elitas, a parliamentary leader of the ruling Justice and Development Party (AKP) reported saying that a secondary priority of the structure is to create a proper financial environment for blockchain businesses. However, it does not include a likely 40% tax.

On December 6, 2021, Elitas tweeted that the upcoming law will be aimed at regulating the local cryptocurrency system to prevent evil acts, protect investors, and counter grievances.

In addition, Elitas stressed that those who attended the meeting of 13 crypto executives and senior government and financial sector officials would prefer a structured framework to enable quick amendments in a fast-paced industry.

Furthermore, he noted that parliament will have the ultimate say in any proposed regulation. Also, the government aims to establish a central custodian bank to clear counterparty risk.