Turkey holds a significant position in the global cryptocurrency ecosystem and is closely watched by the world for its legislative moves. A recent meeting of industry leaders discussed the circulating draft and expectations for the country’s legal framework.
On January 4th, prominent figures such as Tansel Kaya, Turan Sert, Devrim Danyal, Vedat Güven, and Nurullah Dündar convened at Istanbul University to debate the latest draft proposal, which has not been officially confirmed.
Despite expectations set by Finance Minister Mehmet Şimşek due to FATF obligations for a proposal to reach the Turkish Parliament in January, this has not yet occurred. However, a recent appointment at the Central Bank of Turkey (TCMB) suggests positive developments.
The draft discussed resembles an earlier version from late 2021, which included restrictions on foreign exchanges and withdrawals to decentralized wallets. The good news, according to Vedat Güven and Nurullah Dündar, is that the new draft does not contain such harsh limitations. They also mentioned that taxation details are not included in the current draft, focusing instead on anti-money laundering measures.
Key points of the draft include allowing Turkish crypto investors to trade on global exchanges, foreign exchanges requiring local incorporation and regulatory compliance, and the expectation of tax regulations in a later phase. The draft is anticipated to first reach the Plan and Budget Committee for further clarification and stakeholder input, while the possibility of the circulating unofficial draft being inaccurate should not be dismissed.
