Turkish Government's Crypto Regulation on the Horizon.

As the usage and investor numbers of cryptocurrencies continue to rise in Turkey, there are indications that a new crypto regulation bill is set to be presented in the Turkish Grand National Assembly.

Expected Features of the Regulation:

Aimed at ensuring financial stability and enhancing protection for cryptocurrency investors. Includes provisions to prevent the use of cryptocurrencies in money laundering and financing terrorism. Notably, the regulation addresses the involvement of social media influencers in the crypto space.

Timeline and Legislative Progress:

The draft is anticipated to be presented to the TBMM (Turkish Grand National Assembly) before the end of the year. This move aligns with the commitment outlined in the 2024 Presidential Annual Program, focusing on the taxation of digital virtual assets.

Taxation of Digital Assets:

The 2024 Presidential Annual Program includes plans for the taxation of "digital virtual assets." Ongoing efforts to define these assets within the Turkish legal framework.

Crucial Element for Removal from Grey List:

Treasury and Finance Minister Mehmet Şimşek emphasizes that the last requirement for Turkey to be removed from the grey list is the implementation of crypto regulations. Central Bank President Hafize Gaye Erkan collaborates with the Capital Markets Board (SPK) on the regulation of cryptocurrencies.

This regulatory initiative reflects Turkey's commitment to balancing the growing influence of cryptocurrencies with the need for financial stability and security.