By Shelly Melancon (Switzerland)
Turkey has declared its favorable disposition towards the regulation of cryptocurrencies in view of an announcement by the Turkish Ministry of Treasury and Finance. The ministry announced that it is prepared to present a crypto bill before the country’s parliament in its next legislative session in October. If the bill is passed by the Parliament, it would mark the creation of a legal framework for crypto assets in Turkey.
Despite the latest development, Turkey’ disposition towards cryptocurrency payments still remains the same. Turkey had issued a ban against cryptocurrency payments earlier in April. It also placed a restriction on cryptocurrency deposits on exchanges.
Deputy Minister Says Bill Will Address Existing Challenges in the Crypto Space
While speaking on the crypto bill, Deputy minister of the Treasury and Finance, Şakir Ercan Gül noted that the National Assembly of Turkey (TBMM) would be able to deliberate on the bill in October, which marks a new legislative year. He also said that there is a need for stringent crypto regulations in the country to protect individual investors, address money laundering cases and ensure the supervision of crypto exchanges in the country.
The crypto bill will cover the issuance, distribution of cryptocurrencies including trading guidelines and the storage of crypto by exchanges. Duties are also assigned to regulators, according to provisions of the bill. Some regulators will be responsible for consumer protection and market integrity; another for overseeing activities of stakeholders in the space and lastly, the Turkey Capital Markets Board for regulating the operations of crypto exchanges.
The bill also prescribes the minimum capital requirements for businesses that intend to begin crypto operations in Turkey. Earlier this year, Turkish regulators ordered those who had traded above 10,000 Turkish Lira in crypto to report to them. Turkey also plans to impose a tax on crypto transactions.
2021 Survey Reveals Renewed Crypto Awareness and Adoption in Turkey
Turkey’s intention to regulate cryptocurrencies is in accordance with the findings of a new study, which show that cryptocurrency awareness and adoption in the country has increased. According to survey firm Akademetre Research, crypto adoption in Turkey now stands at 7.7% contrary to 0.7% recorded in last year’s survey. About 1400 respondents were involved in the survey, and 7.7% of them said they had traded Bitcoin or any other cryptocurrency.
Akademetre’s survey revealed that out of all the respondents, 11% of them are now trading cryptocurrencies actively. Its finding also noted that high returns and curiosity were the reasons for the sudden increase in the awareness and use of crypto assets. However, a whopping 80% of the respondents said they had no idea about blockchain technology.
Turkey has shifted away from a blanket ban on cryptocurrencies with its proposed regulation. Crypto regulations would prevent the recurrence of the Thodex crypto exchange incident that saw the individuals behind it defraud users of crypto running into millions of dollars.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.