Economist Associate Professor Cüneyt Dirican says:
“Especially the trend of a decrease in foreign exchange rates and cryptocurrencies are on the agenda. It was said that the regulation about crypto assets will be in the parliament very soon, which, as we all know, is of great interest and expectation from our people.”

Experts predict that Turkey will progress in accordance with its goal of fully complying with the FATF (Grey List) standards and the aim of removing the country from the FATF by regulating crypto assets.

What Will the Tax Be Like for Turkey in Light of Rumors?
According to the information obtained, it is planned to collect taxes from amounts over a certain limit in the new cryptocurrency regulation.

The regulation prepared in coordination with the Ministry of Labor and the Ministry of Treasury and Finance aims to prevent laundering money. Accordingly, audits will increase and capital requirements will be sought in companies in the sector.

It is also expected to have protective steps such as giving time to the companies in the system for infrastructure studies and showing warrants.

On the other hand, it is stated that the Financial Crimes Investigation Board (MASAK) will be authorized in suspicious money transactions.

The other conditions to be brought are:

-Principles that buyers and sellers must abide by
-Under what conditions the asset storage service will be performed by whom
-Crypto asset companies to operate under the supervision of the Capital Markets Board (SPK)
-Introduction of minimum capital requirement

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What is the Purpose of the Tax Law?
The primary aim of the law will be to make a definition for crypto assets. As a result, Turkey will accept that crypto is an asset. It will prevent the use of crypto assets for money laundering.

How Will We Access Exchanges like Binance, OKX, Kucoin?
According to rumors, access to foreign exchanges will be restricted in the new regulation. The local branches of the exchanges will continue to operate. For example, every exchange will now have to offer us “.tr” extension web pages and applications like Binance.TR.

The post Is Crypto Law Coming For Turkey? appeared first on Coin Engineer.

According to the claim of Sözcü newspaper, the AK Party government plans to empower the President to apply taxes of up to 40% on income from Eurobonds and dollar-denominated debt securities and interest and profit shares earned from bank accounts opened in foreign currency, with the 12th article of the Omnibus Bill presented to Turkish Grand National Assembly.

The tax currently levied at 25% can be increased to up to 30%. If the Omnibus Bill is accepted in the parliament, the authority will go up to 40%.

This regulation, which closely concerns investors, may also steer the Treasury’s preference towards Turkish Lira bonds. Together with the Omnibus Bill, the President is also given the authority to increase the tax rates applied to profits from stock transactions up to 15%.

This authority can be used at different rates depending on the issue date of the stock, the issuers, the account opening date, and the type.

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The post Additional Tax on Stock and Foreign Exchange Earnings! appeared first on Coin Engineer.