By Tyler S - Crypto Investor - 19-07-2021
A new bill is currently waiting to be passed in Turkey; this bill pushes for a minimum capital requirement for all cryptocurrency trading companies operating in Turkey.
The Turkish Ministry, who manage the Treasury and Finance, had declared the completion of a draft bill. The new law, if it passes, would be put in place to create a legal framework for crypto asset management in Turkey.
Akir Ercan Gul, the deputy minister, pointed out that the draft bill would need to go to Turkey's unicameral legislature, the Grand National Assembly. The bill will be brought to the assembly when the next legislative year begins in October 2021.
Many local experts agreed and wished for a more regulated approach toward individual taxation obligation. If this is actioned, experts believe that Turkey would become an attractive market for those that invest in cryptocurrency globally.
The forex market determines the lira's value; Gül stated that Turkey has much more regulation for all types of crypto market investments than Western Europe or the United States.
He claimed that the reason behind the proposal is directed and intended to protect all retail investors and diminish money laundering to strengthen all crypto exchange platform supervision.
The new draft also imposes minimum capital requirements on cryptocurrency enterprises, which will then have a period of adaption to prepare. Reportedly, multiple safeguards would be implemented under the new bill.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards