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Turkey occupies a very important position within the global crypto ecosystem and is an extremely important market for global exchanges. The legal regulation steps that Turkey will take with its massive investor base and potential are being followed by the entire world. Today, leading figures in the sector held a meeting to discuss the circulating draft and their expectations.
Draft of the Cryptocurrency Law
On the evening of January 4, figures such as Tansel Kaya, Turan Sert, Devrim Danyal, Vedat Güven, and Nurullah Dündar gathered at Istanbul University. There, they discussed the text that has been circulating and is claimed to be the latest draft.
Finance Minister Mehmet Şimşek had mentioned that due to FATF, the crypto bill would come to the Parliament in January, but this has not yet happened. Although the bill has not yet been brought to the Parliament, we saw that there was an important appointment to the CBRT, and we shared this with you as breaking news. Following this positive development, what was discussed today seems likely to provide some reassurance to investors.
Details of the Draft
The draft discussed is not officially confirmed, similar to the draft circulated at the end of 2021. The 2021 draft talked about a closed-circuit structure, from restricting foreign exchanges to preventing withdrawals to decentralized wallets.
The good news is that, as Vedat Güven and Nurullah Dündar expressed, the new draft does not contain such harsh, senseless restrictions. Speaking on BTCHaber broadcast today, the duo mentioned that the detail related to taxation is also not included in the circulating draft. Some details are as follows;
- Turkish crypto investors will be able to trade on global exchanges.
- Foreign exchanges will not be able to serve Turkish investors directly without establishing a local company. They will need to set up an exchange in Turkey, obtain permission, and be subject to regulation.
- There is no mention of taxation in the draft. The focus is on combating money laundering, so taxation is expected in the second phase.
- Exchanges will be subject to regulation and oversight.
The draft is expected to first arrive at the Plan and Budget Committee and the opinions of industry stakeholders are to be sought. Details will become clear when the draft arrives there. Additionally, the possibility that the circulating unofficial draft is false should not be dismissed.
