Tax on stocks coming to crypto?

In recent months, new claims have been made regarding the crypto regulation in Turkey, which is frequently brought up by the Minister of Treasury and Finance Mehmet Şimşek. While the footsteps of regulations were heard in the text shared after the Economic Coordination Board meeting held today, BloombergHT conveyed some details about the expected law.

According to the source , in the new crypto regulation, there will be no restrictions on companies resident in Turkey trading on foreign platforms. Following the first regulation, it is expected that the minimum capital requirement will be determined for crypto companies serving in our country, as in other financial institutions.

CMB will supervise the stock exchanges

It was reported that the Capital Markets Board (CMB) will supervise domestic companies with the targeted cryptocurrency regulation. CMB will make secondary regulations on issues such as the extent to which the technological infrastructure of crypto platforms allows activities, publications, announcements and advertising. Authorities will prevent investors from being deceived by exaggerated promises. In addition to stock market auditing, the establishment of surveillance systems to detect market-distorting transactions is on the agenda.

With the new cryptocurrency regulation, a number of regulations will be made regarding altcoins listed on stock exchanges. Allegedly, platforms will be required to create a written procedure for the digital assets they will list.

With the cryptocurrency regulation, crypto asset trading platforms will not be able to open offices or engage in promotional and marketing activities without obtaining a license and establishing a company in Turkey.

Cryptocurrencies are taxed like stocks

According to BloombergHT, the government will also make a series of regulations to tax income from cryptocurrencies. Authorities plan to collect taxes from crypto in a similar way to other instruments that are already taxed, such as stocks and mutual funds.

With a particular eye on investor safety, lawmakers will require the signing of a contract setting out the terms between customers and crypto asset providers. Past conditions that are against the customer and eliminate responsibilities will be considered invalid.