The Turkish Ministry of Treasury and Finance announced the completion of draught law to create a legal framework for crypto assets in the nation is ready for debate in Parliament. The Crypto Law Is Ready For Debate In Parliament Deputy Minister Şakir Ercan Gül said that the crypto law would be introduced in Turkey’s unicameral legislature, the Grand National Assembly, at the start of the next legislative year in October 2021. Noting that Turkey has a free-floating currency regime – the value of the lira is determined by the forex market – Gül stated that the country needs similar but tighter regulation for crypto assets than Western Europe or the United States. He added that the final proposal intends to safeguard individual investors, combat money laundering, and strengthen oversight of crypto exchanges. The forthcoming bill outline several forms of crypto assets, as well as the issuance and distribution of crypto assets, trading regulations, and the terms of crypto custodial services. The Turkish Capital Markets Board (SPK) Will Be In Charge Of Crypto-asset Firms The Turkish Capital Markets Board (SPK) will be in charge of crypto-asset businesses, while the Banking Regulation and Supervision Agency (BDDK) will be in charge of auditing crypto sector participants. BDDK will place safeguards to protect consumers and market integrity. The law proposal also imposes minimum capital requirements on cryptocurrency firms, who will then have a period of adaption to prepare. Several safeguards, such as security clearance and collateralizing, would be implemented under the new legislative framework. Why Does Turkey’s Central Bank Prohibit The Use Of Cryptocurrencies As A Means Of Payment Within The Country? Earlier this year, the Turkish Ministry of Treasury and Finance took a protective posture towards digital assets. The Ministry subsequently stated that it was collaborating with the country’s financial authorities, central bank, BDDK, and SPK to develop a legal framework for cryptocurrency in Turkey. The Turkish Central Bank prohibited the use of cryptocurrencies as a means of payment in the nation as part of the regulatory measures. It also prohibits payment providers from providing deposit or withdrawal services to cryptocurrency exchanges. Turkish customers can only deposit Turkish lira on cryptocurrency exchanges via wire transfers from their bank accounts. Several local experts agreed that a favorable regulatory approach, particularly in taxation, would make the country an appealing market for worldwide crypto investors.
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