Turkey’s Strict Crypto Regulation Bill Is Ready to Introduce
Turkey’s regulatory authorities confirmed that they are ready with their crypto bill which includes necessary minimum requirements for crypto exchanges to operate their business or services in Turkey.
The Ministry of Treasury and Finance of Turkey announced officially that they are ready with their crypto bill. While the authorities of Turkey already confirmed that they are working on regulation and Legislation on crypto & crypto related services but they didn’t confirm what they are going to do in their bill more precisely but still indicated mainly on tax related issues concerned with crypto.
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The Crypto bill will be Introduced to The Grand National Assembly of Turkey (TBMM), the unicameral Turkish legislature, at the start of the next legislative session in October 2021.
According to the bill they made some mandatory guidelines that will be necessary & minimum to follow by the crypto exchanges. The main focus of the crypto bill is only to prohibit Money Laundering activities, fraud activities and safety of users against minor issues so that they can provide a better ecosystem of cryptocurrency for Turkey citizens.
The described their former guidelines through a statement:
“The bans are generally countries with democracy problems. There are free mechanisms in Western Europe and the United States. We bring a little more strict regulation. We are in search of making a regulation more or less similar to Western Europe or America in a structure where there is a free exchange regime.”
Through their statement, it is 100% clear that Turkey’s crypto bill will be based on strict rules. While they will implement similar kinds of crypto bills like other countries e.g European & American nations but the strictness in their rule will be high so that they can prevent all possible criminal or harmful activities.
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