Cryptocurrency Bill Presented to Parliament: Good News for Those Waiting for Tax Regulation!
The new cryptocurrency law proposal, which will regulate the cryptocurrency market in Turkey, was on the public agenda after the announcement of the Minister of Finance Mehmet Şimşek. The details announced by AK Party Group Chairman Abdullah Güler and AK Party Deputy Chairman Ömer İleri indicate important changes for cryptocurrency users and investors.
Doors Closed to Foreign Stock Exchanges
One of the most striking points of the cryptocurrency bill is the restrictions placed on foreign cryptocurrency exchanges. According to Abdullah Güler's statements, due to the difficulty of auditing crypto asset providers operating abroad, the operations of these exchanges in Turkey will be terminated.
Prison Sentence for Those Operating Without a License
Serious sanctions are also foreseen for unlicensed companies and their managers. It is planned that those responsible for unlicensed cryptocurrency companies will be sentenced to 3 to 5 years in prison.
Taxation and TUBITAK Approval
There is no article in the bill regarding taxation, which users are eagerly waiting for. However, a total revenue share of 2% is envisaged for the Capital Markets Board (CMB) and the Scientific and Technological Research Council of Turkey (TÜBİTAK). In addition, approval from TÜBİTAK will be required for the cryptocurrencies and tokens that exchanges plan to list.
AK Party Group Chairman Abdullah Güler clearly stated that there is no regulation to tax users and investors:
"Currently, there is no regulation regarding taxation in our proposal."
This cryptocurrency bill could be an important turning point for the future of the cryptocurrency market in Turkey. A new era begins for investors and users.
Disclaimer: Includes thrid-party opinions. No financial advice. May include sponsored content. See T&Cs.
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