The government in Turkey does not intend to impose a
40-percent levy on crypto-related gains as has been alleged, members of
the ruling AKP party have indicated to the local press. They have also
emphasized that the current regulatory efforts are aimed at creating a
sustainable environment for the blockchain industry.
Turkey to Establish Regulatory Base for Cryptocurrency Market
A legislative proposal tailored to regulate cryptocurrency trade in Turkey is likely to be submitted
to the parliament in the upcoming weeks. Sources from the Justice and
Development Party (AKP), the country’s ruling political force, have
“strongly denied” allegations that authorities in Ankara are going to
tax cryptocurrency gains at a rate of 40%, the Turkish newspaper
Hürriyet reported.
One of the AKP representatives, the deputy leader of the party’s
parliamentary group Mustafa Elitaş, commented on social media last month
that the new law will serve to regulate Turkey’s crypto system, while
“preventing malicious acts, protecting investors and countering
grievances” as he put it. He remarked that drafts prepared by other
institutions have also been mentioned by the media but stressed that the
legislature will have the final say.
On Dececmber 29, Elitaş organized a meeting with 13 representatives
of cryptocurrency platforms operating in Turkey at the parliament in
Ankara. It was also attended by officials from the Treasury and Finance
Ministry, the Banking Regulation and Supervision Agency (BDDK), the
Financial Crimes Investigation Board (MASAK), and the Central Bank of
Turkey. The participants voiced their support for the adoption of a
regulatory framework that would allow further amendments to reflect
changes in the space.
AKP Examines UK, US Crypto Regulations
According to a report by another major Turkish daily, Milliyet,
senior members of the AKP have been reviewing current regulations in the
U.K., U.S., and Japan this week. Achieving transparency, safety and
auditability of crypto exchange platforms will be the first priority of
Turkey’s own regulations, Hürriyet revealed, quoting party officials who
chose to remain anonymous. Establishing a suitable financial
environment to accommodate a growing blockchain sector is the next key
goal, they added.
More than 30 crypto trading platforms are currently operating in
Turkey, the publication noted, and the country’s crypto assets market is
among the world’s top five with almost 5 million user accounts. The
daily trading volume on the largest exchange, Binance, amounts to around
$320 million. Last month, MASAK fined
Binance’s Turkish platform, BN Teknoloji, 8 million lira (over $750,000
at the time) for violations established during liability inspections.
In May of 2021, MASAK
issued a set of guidelines for crypto service providers, obliging
digital asset exchanges to carry out identity verification of their
customers and report suspicious transactions, including high-volume
trading. The agency can impose fines on platforms that fail to fulfill
their duties and even prosecute their owners.
The rules were adopted after two Turkish crypto exchanges, Thodex and Vebitcoin,
suddenly stopped trading, inflicting losses on thousands of investors,
and were targeted in anti-fraud investigations. In October, another
platform, Coinzo, also closed down. The popularity of crypto trading and investing in Turkey has increased significantly amid the rising inflation of the lira, but crypto payments were banned by the Turkish central bank.
soure link : https://news.bitcoin.com/ruling-party-sources-deny-plan-to-levy-40-tax-on-crypto-yields-in-turkey/
