Turkish Lawmakers Will Present Cryptocurrency Framework To Parliament Later This Year

Şakir Ercan Gül, deputy minister regarding finance and treasury, disclosed that the draft bill had been completed by the officials according to the crypto regulatory framework and they are prepared to present it in front of the Parliament this October. He suggested that there is a requirement for the country to gain experience from the United States and Western Europe; however, it should implement more strict rules.

The bill is all set to go

A recent report says that Şakir Ercan Gül, Turkey’s deputy minister regarding finance, mentioned that an adequate regulation model for cryptocurrency had been chalked out by the authorities. The bill will aim to manage the trading of digital assets, improve investor protection, and avoid money laundering.

Gül emphasized that the bill will be presented in front of the Parliament as the next legislative year starts this October. He further stated that the country should implement a more rigorous legislature despite keeping the examples of the United States and Europe. He expressed that they would incorporate somewhat stringent regulation as the country is an administration of free exchange rate.

The rules to be followed by the traders and the procedure of the issuance and circulation of several cryptocurrency types will also be described by the bill. Moreover, the supervision of the firms associated with crypto assets trading will be carried out by the Board of Capital Market. The capital requirement will be minimized to a possible lower level to be implemented conveniently. Although the new regulations seem to be clear, an adequate amount of time will be provided by the authorities for acceptance.

The lawmakers of Turkey intend that the FCIB (investigation board of financial crime) should supervise crypto trading. Simultaneously, BRSA (the agency of supervision as well as regulation of banking) will contribute surveillance mechanisms to protect the customers, market competition, as well as the integrity of the market.

The possible constructive aspects of the crypto regulations

The former CEO and the founder of Bitmain (a firm for crypto mining), Jihan Wu, recently suggested that there is a requirement of an appropriate structure for the digital assets, which would be advantageous to the industry.

The CEO of Avanti (a crypto-based bank in the state of Wyoming), Caitlin Long, believes that there would be no direct harm caused by the crackdown on Bitcoin (BTC), Ethereum (ETH), or even the other digital currencies due to their base layers constantly adding blocks.

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