Cryptocurrency legal regulation in Turkiye: Crypto assets will be redefined

Preparations for placing the cryptocurrency market on a legal basis have come to an end. The new regulation aims to prevent grievances and prevent money laundering.

Crypto assets will be redefined. Auditability and transparency will be ensured.

The draft law will determine the issuance and distribution of crypto assets and the principles to be followed by traders. The definition of crypto assets through a specific encryption and algorithm will be included in the bill.

In addition, clear statements regarding who owns the passwords of crypto assets will be added to the law. According to experts, with this step, Turkiye can attract more investments in blockchain technology.

Transaction tax is planned to be collected

With the enactment of the cryptocurrency market bill, it is aimed to prevent money laundering. It is planned to collect transaction tax on earnings exceeding a certain limit. The regulation is expected to be submitted to the parliament soon.

“We will see conditions regarding the storage of crypto assets”

Crypto Asset Analyst Oytun Es stated the following in TRT Haber;

The draft law primarily aims to eliminate some conditions on the stock exchange side. Most likely, we will see a capital requirement for those who want to open a stock market here as well. Apart from that, we will see that there are some conditions regarding the storage of crypto assets here.

If Turkiye takes the right action here, in my opinion, it is a candidate country to become one of the leading countries in the world in the cryptocurrency ecosystem and blockchain technology.

Source: Trthaber / Prepared by Irem Yildiz

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