The Turkish Ministry of Treasury and Finance plans to present a law regulating crypto to Parliament in October, Sabah reported.
The bill will be modeled on legislation in Western Europe and the U.S, said Şakir Ercan Gül, Deputy Minister of Treasury and Finance.
Gül said, “Since we are a country with free exchange and exchange rate regime and bring little more stringent regulations.” Crypto asset companies operate under the supervision of the Capital Market Board. Tax will be charged for values above a certain amount, and the capital requirements will be sought in companies.
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The legislation will supervise trading, strengthen protections for investors and help prevent crypto use for illicit purposes. The Banking Regulation and Supervision Agency (BDDK) will audit crypto industry players.
The Turkish central banned the use of cryptocurrencies as a form of payment in the country. It also banned payment companies from providing deposit or withdrawal services for crypto exchanges.
