Turkey’s Finance Ministry is ready to Present Crypto Bill at the Parliament
As per the latest reports, an announcement has been made by the Ministry of Treasury and Finance in Turkey. The ministry has announced that it has readied a draft for the legal framework surrounding the handling of cryptocurrency assets in the country. According to the ministry, the framework it has readied would be regulating/streamlining the cryptocurrency industry in the country.
The Turkish Ministry has stated that they will soon be presenting the bill at the Turkish Parliament for consideration and approval. They are hopeful that the new bill will be accepted and approved by the Turkish Parliament.
Sakir Ercan Gul, the Deputy Minister has announced that the new bill for the utility of cryptocurrencies is to be presented at the Turkish Grand National Assembly. It is a Turkish legislature with a single chamber (unicameral).
According to the Ministry, the new bill will be proposed to the legislative body in October of 2021, at the beginning of the new legislative year.
Gul noted that a free-floating exchange regime is being adopted by Turkey. This means that forex is responsible for setting the value of the Lira. He stated that the Turkish regime needs cryptocurrencies in order to stabilize its economy.
However, the country does need to be very firm and strict when it comes to the adoption of cryptocurrencies. Gul stated that Turkey needs to come up with stricter regulatory control when it comes to dealing with cryptocurrency assets in the country.
The country’s regulatory stance needs to be stricter towards cryptocurrencies and its regulations need to be stricter than that of Europe and the United States. Gul stated that the situation of the Lira is dire at present while the USD and EUR are doing much better.
Therefore, the Turkish government needs to be very careful with the adoption of cryptocurrencies in the country. If the country does not properly regulate and control digital assets, then the cryptocurrency industry may end up taking over Lira.
As a result, the Turkish Lira would be overtaken by the cryptocurrency industry, which would be extremely alarming for the Turkish economy.
Gul also talked about the important points they have covered in the bill they have presented at the Turkish Parliament. According to him, the proposal would cover points such as supervision enforcement for cryptocurrency exchanges. Another major point would be the prevention of money laundering and the protection of retail investors adopting cryptocurrencies.
In the bill, the ministry has also categorized cryptocurrencies into four different types. Furthermore, the bill also provides clarity around the custodial service conditions for cryptocurrencies, trading policies, and issuance and distribution of cryptocurrency assets.
It has been added in the bill that for the monitoring of the cryptocurrency asset companies, it has designated the Turkish Capital Markets Board (SPK).