Turkey's ruling Justice and Development Party plans to introduce a bill to parliament next week to control crypto transactions assets and the regulation of this area as a whole. As reported by the TV channel TGRT, cryptocurrencies will be transferred under the supervision of the Capital Market Council and transactions will be taxed.
This comprehensive bill will make the entire crypto industry in the country accountable and regulated. In addition to the introduction of taxes on the purchase and sale of cryptoassets, rules will also be developed for the licensing of trading platforms, exchanges and brokers, as well as the relationship between customers and these sites. Fines, penalties and dispute resolution rules will be developed.
The Capital Markets Board will be the primary regulator of all these matters. He will also be responsible for issuing permits in the field of development, implementation and sale of blockchain and similar technologies. Provisions for the participation of the Scientific and Technological Research Council of Turkey in these processes are also expected to be defined in the draft law. Thus, in practice, at the state level, an incentive will be given for the development of software and other blockchain tools in the country.
The regulation of crypto assets in Turkey has been debated for quite some time. In addition to creating a purely legal framework for dealing with “crypto“, this bill, Turkey believes, will also help remove some of the claims against Ankara from the Financial Action Task Force against Money Laundering (FATF). With the approval of this legislative initiative, the FATF is expected to remove Turkey from its gray list, in which it is included due to deficiencies in anti-money laundering and anti-terrorist financing measures.