Today was a busy day for both Turkey and the USA regarding crypto regulations. It was an important day for Turkey. Steps to combat money laundering required for Turkey to exit the FATF grey list were taken. So, what is the latest situation in both Turkey and the USA?
Turkey Crypto Law
First, it was shared by Ömer İleri, one of the architects of the draft, that global exchanges will not be banned. Additionally, there will be no taxation for end users. Furthermore, TÜBİTAK will not directly intervene in the token listing process of exchanges. Recently, Ömer İleri said;
“I would like to touch on two more issues regarding our bill. TÜBİTAK’s role in the process of listing crypto assets on platforms: In principle, an approach has been adopted not to interfere with the crypto assets to be listed on platforms. However, a written procedure requirement will be introduced for platforms to determine the crypto assets that will be traded on them to ensure that listings are not random. It is envisaged that the Capital Markets Board will regulate principles and procedures regarding listing procedures. In the principles and procedures to be determined by the CMB, the opinions of TÜBİTAK or other institutions can be taken, and technical criteria regarding the technological features of crypto assets can also be included. Therefore, the approach of TÜBİTAK directly determining the assets to be listed is not included in the bill.
Taxation: The statement in the proposal that “One percent of all revenues of the platforms, excluding interest income from the previous year, will be paid to the Board, and one percent to the TÜBİTAK budget by the end of May of the relevant year and recorded as income” relates to the payments to be made by the platforms. There is no tax regulation for end users trading on platforms in the bill.”
USA Crypto Voting
US President Joe Biden had warned those trying to overturn the SEC rule requiring banks to hold their customers’ digital assets on their balance sheets. He also announced that he would veto the proposal if it reached him. Today, the US Senate passed the proposal upsetting the SEC with a vote of 60 to 38.
Now, this will go to Biden, and the proposal disrupting the SEC’s plan, which has bipartisan support, will be vetoed by the President. Blockchain Association said the following on this matter;
“The 60 ‘Yes’ votes in the Senate send a strong signal that both chambers of Congress do not clearly approve of this rule. The threat of a presidential veto denies the fact that there is a growing awareness among the voting public, especially among young people, that crypto is something our elected officials need to care about.”
