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Cryptocurrency meeting held, regulation coming under 4 headings

The government, which has been working on the legal legislation related to crypto assets for a long time, is preparing to make a general framework regulation first, and then to introduce regulations such as capital requirement for crypto companies and the requirement for global companies to establish a company in Turkey.

Speaking to Bloomberg, the spokesperson said that a closed crypto-asset regulatory legislation meeting was held at the Presidency on Tuesday (yesterday).

WHO ATTENDED?

The meeting chaired by Vice President Fuat Oktay was attended by Treasury and Finance Minister Nureddin Nebati, Trade Minister Mehmet Muş, Communications Director Fahrettin Altun, AKP Deputy Chairman Hayati Yazıcı, Nurettin Canikli, Fatih Şahin and Ömer Ileri.

At the meeting, the stages and formulas reached in the meetings held regarding the legislative preparations were discussed. Suspending the work for a while, the government decided to continue the search.

COMPANY FOUNDATION AND CAPITAL CONDITION

Accordingly, 4 main topics stand out in the government’s work on crypto assets. The first of these is the obligation for international crypto companies to establish a company in Turkey.

In this context, the government wants to apply the rule it has previously brought for social media companies in the crypto field. Pointing out that Turkish companies pay high amounts of tax, the official said that international companies should also be taxpayers in order to avoid unfair competition.

Another point in the proposal prepared by the AKP to submit to the Parliament is planned to be related to the capital requirement. Initial assessments are for the introduction of a capital requirement of TL 100 million, but this figure may increase.

STORAGE AND TAXATION

AKP staff are also in search of a formula for the safe storage of crypto assets. Pointing out that grievances in this area are experienced in the protection of assets, an official pointed out that the technological infrastructure of banks can be activated in the creation of reliable storage conditions.

Another issue that the government has focused on but has not made a final decision on is taxation for individual investors. The option discussed in this regard is the application of a symbolic foreign exchange tax on crypto purchases. The government, which thinks that an increase in this rate may cause informality, is trying to find a middle way.

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