Cryptocurrency

Law is Coming: Dated Cryptocurrency Move from the Ministry!

Turkey pressed the button for Bitcoin and crypto money regulations. Şakir Ercan Gül, Deputy Minister of Treasury and Finance, announced that the work on the law to protect investors, prevent black money and strengthen control in crypto currency trading has been completed and will be submitted to the Parliament in October. Şakir Ercan Gül, stating that there will be a regulation similar to Western Europe and America, said, “We are bringing a slightly more strict regulation.” As in European countries, taxes will be charged for assets above the specified amount and capital rule will be sought in companies.

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The precious crypto money attack came from the Ministry of Treasury and Finance!

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In the law study prepared by the Ministry of Treasury and Finance, types of crypto assets were defined, their issuance and distribution, the principles that traders should comply with, and by whom the rules for the asset custody service were determined. According to the news of Hazal Ateş from Sabah, it is planned that crypto asset companies will operate under the supervision of the Capital Markets Board and the minimum capital requirement will be introduced.

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The companies in the system will be given time to harmonize the infrastructure. Certain criteria will be sought for brokerage house owners, and protective steps will be taken, such as security investigations and collateral. While the control authority is given to the Financial Crimes Investigation Board, the BRSA will establish the supervision mechanism for the protection of financial consumers, market integrity and strengthening of competition.

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Deputy Minister of Treasury and Finance: We’re bringing in a little tighter regulation!

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Ercan Gül, Deputy Minister of Treasury and Finance, answered the questions of deputies on the regulation of cryptocurrencies at the Parliamentary Plan and Budget Committee. Şakir Ercan Gül stated that crypto money is completely free in a country, especially in Japan, and added the following to his statements:

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Those who ban it are generally countries with democracy problems. There are free mechanisms in Western Europe and America. We are introducing a slightly more stringent regulation. In a structure with free exchange regime, we are in search of making arrangements like three or five upper Western Europe or America. The basic regulations of the European Union on this will be in 2024.

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Ercan Gul said that the work is ready and will come to the Parliament in the new legislative year.

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Şakir Ercan Gül: The study of the law has been completed and will be submitted to the Parliament in October

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The licensing of crypto-asset companies from the Capital Markets Authority and the search for technical competence are also in the midst of regulations. The withholding option gains weight when discussing whether taxation will be through income tax or direct taxes. America collects taxes from crypto currency holders.

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While it is envisaged that crypto money transfers over 10 thousand dollars in the USA will be reported to the US Tax Office, there are applications in Western Europe, especially in Germany, to not be taxed for securities over 600 euros.

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The use of cryptocurrencies in payments is banned in Turkey

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Cryptocoin. com

As we have previously reported as , the Central Bank’s regulation banning the use of cryptocurrencies in payments was put into effect in April. The Central Bank pointed out that the use of crypto money in payments is a great risk because it is not subject to random regulation, control, the market price is very volatile, it can be used in illegal activities, and the processes are irreversible.

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MASAK, which blocked Thodex’s accounts with financial institutions in Turkey, which defrauded thousands of citizens, had detected nearly 120 million liras of crypto money last year, most of which were tried to be sent to the American stock market.

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