Regulation of cryptocurrencies is being pursued around the world to support innovation in this field. Concrete steps have been taken in the Asia region and the European Union, while the United States is still engaged in discussions on the matter. What about Turkey? New statements have been made by the authorized figure on this issue.
Turkey’s Crypto Law
Ömer İleri, AK Party Deputy Chairman Responsible for Information Technologies, made important statements today. The same person’s remarks on the metaverse and blockchain in 2021 had also made waves. In his latest interview, it was announced that the final stages of cryptocurrency regulation have been reached.
“We have been working to protect and ensure the security of our citizens in relation to cryptocurrencies. At the same time, we are working not to hinder the progress of blockchain.”
Ömer İleri, stating that their communication with the sector continues, said that relevant institutions are continuing their work and this issue will be on the agenda again in the near future.
When Will the Crypto Law Come?
The arrival of cryptocurrency regulations to the Turkish Parliament is expected before the end of the year. After the work in the parliament, the regulation will take its final form. Minister of Treasury and Finance, Mehmet Şimşek, recently drew attention to the steps to be taken regarding cryptocurrencies in order to remove Turkey from the Financial Action Task Force’s Gray list. First, the supervision of local exchanges and determination of requirements are needed.
Currently, there are some steps taken regarding reporting suspicious transactions and cooperation with law enforcement. However, comprehensive regulations are needed in areas such as exchange audits and taxation.
The regulation on taxation started a long time ago and even in 2021, this issue remained highly debated. However, a broader regulation was needed as the definition of cryptocurrencies as an asset class was not clear. Now, with the clarification of the legal definition of cryptocurrencies, the situation will be determined definitively both in terms of taxation and legal aspects.
A few months ago, crypto expert Efe Bulduk had mentioned that the law could be announced in the last quarter of the year. Next month, there will likely be major news for crypto investors in Turkey.
