Turkey is preparing to end its “wait and see” policy towards digital currency regulation, with the news that the country’s finance ministry is working with regulators to devise a more substantial policy response.
The Turkish Ministry of Treasury and Finance tweeted that it was beginning work with a number of regulatory bodies in the country to assess the risks posed by cryptocurrency, and to devise a government solution.
Hazine ve Maliye Bakanlığı Basın Açıklaması pic.twitter.com/TlbVV0Zty3
— T.C. Hazine ve Maliye Bakanlığı (@HMBakanligi) March 1, 2021
“We share the rising concerns about crypto with the rest of the world. The developments (on crypto around the world) and the state of crypto in Turkey are closely monitored by our ministry. We are collaborating with the Central Bank, Banking Regulation and Supervision Agency, and Capital Markets Board within this frame under the presidency of Deputy Minister.”
Commenting on the developments, Ahmet Usta, of Blockchain Turkey, was quoted by Cointelegraph Turkey saying he hoped the approach would offer investor protections without stifling innovation.
“I think it would be appropriate to approach the statement by The Ministry of Treasury and Finance within this context, and I hope future regulations will pave the way for innovation while protecting consumers. I hope Turkey will seize this historical opportunity in the field of cryptocurrencies and blockchain technology, which made these assets possible and reach a leading position with its exemplary projects in the global arena by creating a healthy ecosystem.”
Crypto academic and lecturer İsmail Hakkı Polat also told the news outlet the moves could pave the way for digital currency taxes in Turkey as soon as later this year.
“If the government takes a friendly approach here by placing lower tax rates, making it easier to buy and sell Bitcoin or other cryptocurrencies within a legal framework, Turkey would then become an attractive market for the global crypto investors again. In a time where the foreign capital flow is a serious need, global crypto investors’ potential interest in Turkey would bring economic relief to the country.”
“Lack of definition and regulations for cryptocurrencies would cause confusion of authority among regulatory bodies. Taxes would surely come, but only after a systematic and careful study.”
See also: CoinGeek Live panel, Digital Currency & Global Compliance: Tools & Tips for Exchanges, Wallets & Other Service Providers
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.