Turkish Treasury and Finance Minister Mehmet Şimşek announced that the cryptocurrency regulation bill is ready and currently under review by the Grand National Assembly of Turkey. The Minister mentioned that the bill is expected to become law after the March 31 local elections. Highlighting the government’s firm stance on the regulation of cryptocurrencies, Şimşek stated that the goal is not to hinder the cryptocurrency market but to regulate it, with the Capital Markets Board (SPK) aiming to be the licensing authority.
Emphasis on Regulatory Framework Over Restrictive Measures
In an appearance on a television channel discussing the economic agenda, Şimşek emphasized the intention to create a regulatory framework for cryptocurrencies instead of a restrictive one.
The proposed regulation aims to bring clarity and oversight to the cryptocurrency sector in Turkey, with the SPK expected to be the sole authority responsible for licensing market participants. All these moves indicate the government’s constructive approach towards the growing cryptocurrency sector.
“Taxation is Not on Our Agenda Yet”
Regarding taxation, Şimşek stated that currently, there are no plans for any tax regulations that could disrupt the market for cryptocurrency exchanges or any other cryptocurrency branch, emphasizing “it is not on our agenda.” This statement has alleviated concerns within the Turkish cryptocurrency community regarding potential tax burdens that could affect trading activities. The issue of taxation is expected to be addressed after the regulatory framework becomes law.
The Minister’s statements underscore the government’s determination to create a favorable environment for cryptocurrency innovation and investment. Instead of imposing a direct ban, the government prefers a regulatory approach, trying to balance the need for investor protection with the desire to benefit from the potential economic advantages of cryptocurrencies. This approach follows the global trend of governments increasingly recognizing the importance of regulating rather than banning cryptocurrencies.
With the bill reaching the parliamentary review stage, stakeholders in Turkey’s cryptocurrency sector, including exchanges and investors, will be able to learn more about the proposed regulatory framework in the coming days. Clarity on licensing requirements, compliance standards, and operational guidelines will be crucial for businesses operating in the Turkish cryptocurrency market. Overall, the government’s work towards a regulatory framework rather than a restrictive one marks an important step towards legitimizing cryptocurrencies and their integration into the country’s financial system.
