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Turkey parliament to evaluate new crypto framework

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According to a senior government official, the Turkish Parliament’s impending crypto laws do not contain a 40% tax on cryptocurrency.

Turkey’s cryptocurrency investors can exhale a collective sigh of relief. In the coming weeks, Parliament will receive a legal framework that prioritizes openness, safety, and auditability of crypto exchange platforms. 

The framework’s secondary goal is to provide a favorable financial environment for the development of blockchain firms. 

Rumored 40% tax not included

According to Mustafa Elitas, a legislative leader of the ruling Justice and Development Party, this does not include a rumored 40% tax. 

The impending regulation will be “aimed at regulating the local cryptocurrency system, avoiding harmful conduct, protecting investors, and addressing grievances,” Elitas tweeted on Dec. 6, 2021.

Following a meeting of 13 crypto executives with senior government and financial sector authorities, Elitas stated that those in attendance preferred a skeleton framework to allow for swift adjustments in such a fast-paced field. 

According to Elitas, Parliament will have the final decision on any proposed regulation. To eliminate counterparty risk, the government plans to establish a central custodian bank.

Turkey’s exchanges are exploding

Turkey has approximately 5 million crypto platform accounts. Binance, or BN Teknoloji, was recently penalized almost $634,000 by the Financial Crimes Board (MASAK). 

By daily trading volume, Binance is the largest cryptocurrency exchange in Turkey. Binance Turkey responded by stating that it “openly interacts and collaborates with regulatory and supervisory authorities, and tries to ‘build a sustainable, healthy, and safe ecosystem.” 

Turkey is home to around 30 cryptocurrency platforms. Following the depreciation of the Lira on Dec. 21, 2021, the number of trades exceeded 1 million. 

Since 2019, according to data from Chainalysis and Kaiko, bitcoin and USDT have been the most popular currencies for Lira trading.

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/blockchain/turkey-parliament-to-evaluate-new-crypto-framework/

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