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According to Deputy Finance Minister, Turkey have prepared their Crypto Bill for Review

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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