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In Turkey, A Draft Law With New Rules For Cryptocurrencies Will Be Presented In Parliament In October 2021

Anna Martynova

The Turkish government has prepared a draft law with new rules for the country's crypto space. The draft law will be presented in parliament this fall. The new crypto regulation will aim to strengthen investor protection, prevent money laundering, and strengthen control over crypto trading.

As in some European jurisdictions, the Turkish government intends to impose taxation on cryptocurrency holdings that exceed the established threshold. Legislators will consider various proposals, such as introducing mandatory reporting on cryptocurrency transfers for a certain amount to the country's tax office.

The new legislation will also define different types of crypto assets and address issues related to the issuance and distribution of digital coins. The draft law lists key principles that traders must abide by and the conditions under which crypto platforms can provide custodial services for digital currencies. Crypto companies will be given time to adapt to the new regulatory framework.

Image: Al Jazeera

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