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.

AccessTimeIconJul 19, 2021 at 12:20 p.m. UTC
Updated Sep 14, 2021 at 1:27 p.m. UTC

The Turkish government plans to present a bill regulating cryptocurrencies to Parliament in October, Sabah reported.

  • 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.

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