A draft bill to establish a legal framework for cryptocurrencies is ready in Turkey. Deputy minister of treasury and finance Sakir Ercan Gul stated that for protecting retail investors and preventing money laundering, stricter rules should be implemented. He also stated that the Bill would be based on legislations in Europe and the United States.
The Bill is proposed to be presented at the start of the next quarter to the Grand National Assembly of Turkey. While the Banking Regulation and Supervision Agency will be auditing the cryptocurrency companies in the country, the Capital Markets Board in Turkey will regulate digital asset firms. Crypto firms will also require to set aside minimum capital requirements and tax will be charged above a certain limit.
Earlier in April, Turkey banned cryptocurrency from using it as a medium of exchange. Turkish lira could be used at cryptocurrency exchanges through wire transfers from their bank accounts.
Turkey is also working on a central bank digital currency (CBDC).
Compared to other countries the US has clear regulations around cryptocurrencies, as there is a classification as to how cryptocurrencies should be dealt with. For example, the Securities and Exchange Commission (SEC) considers cryptocurrencies as securities, the Commodity Futures Trading Commission (CFTC) deals with them as commodities. Moreover, the laws may also differ from state to state. For instance, in 2019, 13 blockchain laws in Wyoming were passed and now these are officially shown up on the website of Wyoming State, recognising crypto as digital assets.
In the UK, Her Majesty’s Revenue and Customs (HMRC), which is equivalent to the tax authority of India, considers it as a capital asset.
Even small countries such as Estonia, Belarus and Malta have dedicated laws on crypto assets and currencies. For instance, the president of the Republic of Belarus permitted the local residents to buy and sell crypto assets.
Recently El Salvador, the Central American country, has approved legislation making the cryptocurrency Bitcoin legal tender in the country. Paraguay, the South American country, has also proposed a bill to make bitcoin legal tender.
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