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Turkey Plans to Present Law on Cryptocurrencies in October: Report
Crypto-asset companies will be supervised by the Capital Markets Board and will need to set aside minimum capital requirements.
Updated Sep 14, 2021, 1:27 p.m. Published Jul 19, 2021, 12:20 p.m.
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The Turkish government plans to present a bill regulating cryptocurrencies to Parliament in October, Sabah reported.
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- The bill will be modeled on legislation in Europe and the U.S., Sabah said Monday, citing Deputy Minister of Treasury and Finance Sakir Ercan Gul.
- Crypto-asset companies will be supervised by the Capital Markets Board.
- The legislation will supervise trading, strengthen protections for investors and help prevent the use of crypto for illicit purposes.
- Tax will be charged on holdings above a certain amount, and capital requirements will be introduced for companies with crypto exposure.
Read more: Turkish Crypto Exchanges Must Report Transactions Over $1,200, Finance Minister Says
