Members of the ruling AKP party told local media that the Turkish government does not plan to impose a 40 percent tax on crypto-related gains. They also highlighted that current regulatory efforts are aimed at creating a sustainable environment for the blockchain industry.

Turkey to establish foundation for cryptocurrency market regulation

A legislative proposal to regulate cryptocurrency trading in Turkey is likely to be submit to be presented to parliament in the next few weeks. According to Turkish newspaper Hürriyet, sources in the country’s ruling political force, the Justice and Development Party (AKP), “strongly deny” allegations that authorities in Ankara will tax cryptocurrency gains at a 40 percent rate.

One of the AKP representatives, the deputy leader of the party’s parliamentary group Mustafa Elita?, commented on social media last month that the new law will be used to regulate Turkey’s encryption system while “preventing malicious acts, protecting investors and dispelling grievances”, As he said it. He said drafts prepared by other agencies were also mentioned in the media, but stressed that the legislature would have the final say.

On Dec. 29, Elita? organized a meeting in the Ankara parliament with 13 representatives of cryptocurrency platforms operating in Turkey. Officials from the Ministry of Finance and the Ministry of Finance, the Banking Supervisory Authority (BDDK), the Financial Crimes Investigation Board (MASAK) and the Central Bank of Turkey were also present. Participants expressed support for the adoption of a regulatory framework that would allow for further modifications to reflect spatial changes.

AKP examines UK, US encryption regulations

Senior members of the AKP have been reviewing existing regulations in the UK, US and Japan this week, according to another major Turkish daily, Milliyet. Citing party officials who chose to remain anonymous, Hürriyet revealed that achieving transparency, security and auditability of crypto exchange platforms will be a priority for Turkey’s own regulations. They added that establishing a suitable financial environment to accommodate the growing blockchain industry is the next key goal.

The publication states that there are currently more than 30 crypto trading platforms operating in Turkey, and the country’s crypto asset market is among the top five in the world with nearly 5 million user accounts. The largest exchange, Binance, has a daily trading volume of about $320 million.Last month, Masak fine Binance’s Turkish platform BN Teknoloji, 8 million lire (more than $750,000 at the time) for violations discovered during liability checks.

May 2021, Cook A set of guidelines has been issued for crypto service providers requiring digital asset exchanges to authenticate their customers and report suspicious transactions, including large transactions. The agency can impose fines on platforms that fail to perform their duties, or even prosecute their owners.

The rule was passed after two Turkish cryptocurrency exchanges, Todex and Bitcoin, abruptly halted trading, costing thousands of investors and being the target of anti-fraud investigations. In October, another platform, Coinzo, also closed.Popularity of cryptocurrency trading and investing in Turkey increases significantly amid rising inflation lira, but crypto payments are prohibit By the Central Bank of Turkey.

What kind of regulations do you want Turkey to adopt? Share your thoughts on the topic in the comments section below.

Lubomir Tasev

Lubomir Tassev, a journalist from tech-savvy Eastern Europe, likes Hitchens’ famous quote: “Being a writer is who I am, not what I do.” Beyond crypto, blockchain and fintech, international politics and The economy is two other sources of inspiration.