Ruling party (AKP) official Mustafa Elitaş says Turkey wants to enact a law on the regulation of cryptocurrencies as soon as possible, reports Quince.
Turkey wants to tighten the screw
Turkey’s parliament held a meeting on Thursday, December 30 to discuss regulation of digital currencies in the country. According to the pro-government Turkish daily Daily SabahMustafa Elitaş, vice-chairman of a group representing the Justice and Development Party (AKP) which is currently in power, asserted that “ the common opinion of the participants is that the law should be adopted as soon as possible “.
Participants in the meeting included players in the cryptocurrency market as well as representatives of public institutions. However, it can be assumed that the final decision of the meeting was made in favor of the government, as state entities played a prominent role in the discussion.
The Ministry of Technology and Infrastructure, the Ministry of the Treasury and Finance, the Banking Sector Regulatory and Supervision Agency (BDDK), the Financial Crime Investigation Service (MASAK), the Tax Administration, as well as the Central Bank of Turkey were present at the meeting.
According to Mustafa Elitaş, the new law will define more general regulations regarding cryptocurrencies and will be updated regularly in order to keep up with the evolution of the crypto industry.
Crackdown on cryptos in Turkey
” The cryptoassets that came into our lives in 2010 have grown very rapidly all over the world over the past 10 years. As various countries try to keep pace, so far only seven or eight states have released cryptocurrency regulations. “, Said the official.
Last week, Turkish President Recep Tayyip Erdoğan announced that Turkey’s cryptocurrency law is already ready and has been passed to Parliament.
Following the announcement of new crypto legislation, MASAK imposed a fine of 8 million lire (nearly 536,000 euros at the time of writing) on Binance’s Turkish subsidiary BN Teknoloji, for violations discovered during inspections. This was the first punitive action taken by the agency since it began monitoring the cryptocurrency industry.
It looks like the Turkish government has lifted its left foot and now the crypto community could be in trouble. Either way, the ban on cryptocurrencies is not on the agenda in Turkey.
Receive a summary of the news in the world of cryptocurrencies by subscribing to our new service of newsletter daily and weekly so you don’t miss out on Cointribune essentials!
Passionate about new technologies and computers, blockchain and crypto are a field in which I have totally blossomed. I am convinced that they are a crucial part of our future!