‘Turkey’s cryptocurrency law must be enacted as soon as possible’

Turkey continues to take steps regarding cryptocurrencies, which have become a concern of many governments and central banks, after President Recep Tayyip Erdogan said on Friday that the cryptocurrency law is ready.

A meeting was held Thursday in the Turkish Parliament to discuss the country’s new cryptocurrency law with the participation of stakeholders in the cryptocurrency market and representatives of public institutions such as the Ministry of Technology and Infrastructure and the Ministry of Treasury, Finance and Banking Supervision of Turkey. The Supervisory Agency (BDDK), the Financial Crimes Investigation Board of Turkey (MASAK), the Revenue Department, and the Central Bank.

Speaking to the press after the meeting, Deputy Chairman of the ruling Justice and Development Party, Mustafa Elias, said, “The general opinion of the participants is that the law should be enacted as soon as possible.”

Noting that the topic of removing systemic obstacles was discussed at the meeting, Elitas said, “Representatives expressed the disadvantages of going and returning from abroad, and arrangements should be made for this. Decisions should be made in this regard. So that new grievances do not arise. There is a market size of 2 $1 billion – $3 billion, and there are between 5 million and 14 million players and investors in this market. There may be manipulation, but obviously legal regulation is needed to prevent it.”

“There has been a very rapid development around the world over the past 10 years regarding cryptocurrencies that came into our lives in 2010. While different countries are trying to keep up, seven or eight countries have issued legal regulations regarding cryptocurrencies at the moment,” he said.

Elias emphasized that the law will not be detailed but rather a general regulation, and said that they plan to prepare a text that can keep pace with the changes.

“Cryptocurrency representatives said there should be a tax on this system,” Elitas said, adding that they talked about how the system will operate smoothly at the meeting.

Asked if there are flaws in the cryptocurrency law, Illetas said: “Participants have concerns about blocking entry and exit to foreign markets and legal protections.”

While the subject matter experts presented their thoughts and suggestions regarding the regulation at the meeting, the new regulation is expected to bring some changes to the capital market law.

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