- The Turkish government is set to establish a regulatory framework for the cryptocurrency industry in 2024.
- The regulations will come with a taxation system for the asset class.
- The system will prioritize the protection of Turkish investors.
With the increasing popularity of the cryptocurrency industry, global cryptocurrency regulation has become quite the buzzword among financial authorities worldwide.
In line with this, Turkey, which had previously expressed keenness in the cryptocurrency industry, is now planning to formally renew discussions about it for its forthcoming agenda.
Landmark Regulations for Turkey
The Turkish government has unveiled ambitious plans to establish a comprehensive regulatory framework for cryptocurrencies and digital assets, which will be a pivotal part of its annual government plan for 2024.
According to the 2024 Presidential Annual Program, as recently published in the Official Gazette, the government is committed to taking renewed and decisive steps in the upcoming year to finalize underway crypto regulatory efforts.
“Legislative studies will continue regarding transactions made using virtual assets that represent a digital value that can be bought, sold, and transferred digitally.”
Building on the initiative, the government also emphasized its commitment to regulating cryptocurrency exchanges and ensuring the protection of investors within the region to promote a transparent and well-regulated crypto ecosystem.
In parallel, a dedicated taxation system will be established for virtual assets. In the “Activities and Projects to be Conducted” column of article 400.5 of the table titled “Policies and Measures”, the government stated, “Efforts will be made to define these digital virtual assets within the Turkish legal system for the purpose of their taxation.
Upon enforcement, virtual asset providers and exchanges operating within the Turkish region must comply with the new regulatory standards.
Read more on global crypto regulation as authorities tighten on the asset class:
Taiwan Boosts Crypto Regulation With New Crypto Bill
Japan is taking a major leap towards regulating stablecoins globally. Read more:
Japan Sets New Precedent in Global Stablecoin Regulation