Tech

Cryptocurrency and Bitcoin Regulations At What Stage?

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CoinTürk, one of Turkey’s first cryptocurrency news sources, which has been in service since 2014, prepared an important article on the crypto money regulation spoken in Turkey. This article reveals how the process has come to this day and what studies are being carried out under current conditions.

Crypto coins, one of the most talked about investment tools of recent times, are also whetting the appetite of investors in our country. Developments in Turkey reveal that there is an increasing interest in cryptocurrencies in Turkey. However, recent statements made by government officials revealed that an official regulation on cryptocurrencies will come. As such, investors started to worry citizens. One of Turkey’s first cryptocurrency news channels, serving since 2014 CoinTürk In an article he prepared, he explained in detail how the process came to this point and what the regulations are being worked on. Here are the details of that article;

In recent years, it has been revealed in various research results that Turkey has ranked high in the use of crypto money all over the world. According to the results of a survey shared by the World Economic Forum in February, Turkey ranks 1st in Europe and 4th in the world in the use of cryptocurrencies.

CoinTürk

With the increase in the use of crypto currencies in our country, legal regulations and taxation issues have started to come to the fore more frequently. With this situation becoming indispensable, news and statements came from the regulatory authorities one after another.

“We Are Concerned” Statement by the Ministry of Treasury and Finance

On March 1, 2021, the Ministry of Treasury and Finance of the Republic of Turkey gave the first signals with an official press release that crypto currencies are being closely monitored. In the statements made by the Ministry on the subject, “We also share the concerns about cryptocurrencies around the world. The developments on the subject and the situation in our country are closely monitored by our Ministry. In this context, under the presidency of our Deputy Minister; Studies are carried out in cooperation with the Central Bank, BRSA, CMB and other relevant institutions. ” his words were used.

Crypto currency

In fact, although these statements lead to the question of “is there a taxation in the first place?”, The ministry’s announcement seems to signal the bans on cryptocurrencies recently. After the announcement of the Ministry of Treasury and Finance, a statement came from Mustafa Varank, the Minister of Industry and Technology of Turkey. In his statements, Varank stated that crypto currencies are very risky and they will not leave this field empty and said, “Crypto currencies are a very suitable area for fraud. We will not leave the risky cryptocurrency space unattended. I was negative about cryptocurrencies, but we see that they are effective today. ” he used his words.

At this point, it should be noted that President Recep Tayyip Erdogan stated in his statements before Varank that the technological and legal infrastructure of digital money was established. In addition, according to the Economic Reform Calendar, it is stated that the infrastructure of the Turkish Central Bank digital currency will be ready by the end of 2021.

Bitcoin

First Regulation on Cryptocurrencies

As stated in the crypto currency news site CoinTürk, the first legal step regarding crypto currencies was taken in Turkey on April 16 and crypto currencies were recognized as “crypto assets” by Turkey for the first time. Although the regulation brings some obstacles, it is considered as a very important step towards the recognition of cryptocurrencies in Turkey. So, what has changed in the Turkish cryptocurrency ecosystem with this regulation?

First of all, with the document titled “Regulation on the Non-Use of Crypto Assets in Payments”, it should be noted that crypto currencies are not prohibited in our country and Bitcoin is not declared illegal. However, with the regulation, shopping with cryptocurrencies and payment institutions are prevented from working with exchanges in our country. as known Bitcoin price and cryptocurrency prices are considered highly volatile. For this reason, trading goods or services in exchange for Bitcoin and cryptocurrencies is considered risky. Therefore, it is thought that such a step was taken for consumer protection.