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Bloomberg wrote: Cryptocurrency meeting held, regulation coming in 4 titles

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The government, which has been working on the legal legislation related to crypto assets for a long time, is preparing to make a general framework regulation first, and then to introduce regulations such as capital requirement for crypto companies and the rule of establishing a company in Turkey for global companies.

According to the spokesperson, two officials speaking to Bloomberg stated that a closed crypto-asset regulation legislation meeting was held at the Presidency on Tuesday (yesterday).

WHO ATTENDED?

The meeting chaired by Vice President Fuat Oktay was attended by Treasury and Finance Minister Nureddin Nebati, Trade Minister Mehmet Muş, Connection Leader Fahrettin Altun, AKP Deputy General Leaders Hayati Yazıcı, Nurettin Canikli, Fatih Şahin and Ömer İleri.

At the meeting, the phases and formulas reached in the meetings held regarding the legislative preparations were discussed. Suspending the work for a while, the government decided to continue the search.

COMPANY FOUNDATION AND CAPITAL CONDITION

4 main topics stand out in the government’s work on crypto assets. The first of these is the necessity of establishing a company in Turkey for international crypto companies.

In this context, the government wants to apply the rule it has previously brought for social media companies in the field of crypto. Pointing out that Turkish companies pay high amounts of tax, the official said that international companies should also be taxpayers in order to prevent unfair competition.

Another point in the proposal prepared by the AKP to submit to the Parliament is planned to be related to the capital rule. The first evaluations are towards the introduction of a capital requirement of 100 million TL, but this number may increase.

STORAGE AND TAXATION

AKP staff are also in search of a formula for the safe keeping of crypto assets. Pointing out that grievances in this area are experienced in the protection of assets, an official pointed out that the technological infrastructures of banks can be activated in creating sound storage conditions.

Another issue that the government has focused on but has not made a final decision on is taxation for the personal investor. The option focused on in this bet is the application of a symbolic foreign exchange tax on crypto purchases. The government, which thinks that an increase in this rate may cause informality, is trying to find a middle way.

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