The Turkish Ministry of Finance and Finance has announced that a bill to create a legal framework for crypto assets in the country is ready.

Deputy Minister Şakir Ercan Gül announced that the cryptocurrency law will be presented to the General Assembly of the Turkish Parliament (TBMM), the Turkish unicameral parliament, at the beginning of the next legislative year in September, 10th year 2021.

Gül noted that Turkey uses a free floating exchange – i.e.

He explained that the finished draft aims to protect retail investors, prevent money laundering, and strengthen oversight over cryptocurrency exchanges.

The upcoming bill defines various crypto assets, reports Cointelegraph Turkey, specifying the issuance and distribution of crypto assets, trading guidelines and conditions for custody services.

The Turkish Capital Markets Council (SPK) will oversee crypto asset companies, while the Banking Authority and Regulatory Authority (BDDK) will screen players in the crypto industry. BDDK will establish mechanisms for consumer protection and market integrity.

The draft law also sets minimum capital requirements for crypto companies, after which an adjustment phase must be prepared. The new legal framework will introduce some safeguards such as security checks and mortgages.

The Turkish Ministry of Finance and Finance took a defensive stance on crypto assets earlier this year. The ministry later announced that it was working with the country’s financial regulators, the central bank, BDDK and SPK, to prepare a regulatory framework for cryptocurrencies in Turkey.

Connected: The Turkish government is tracking crypto transactions over $ 1,200

As part of the regulatory preparations, Turkey’s central bank has banned the use of cryptocurrencies as a means of payment in the country. It also prohibits payment companies from offering deposit or withdrawal services for cryptocurrency exchanges. Turkish users can currently only deposit Turkish Lira via transfer from their bank accounts to crypto exchanges.

Some local experts agree that a friendly approach to regulation, particularly when it comes to taxes, would make the country an attractive market for global crypto investors.