A surprise regarding “tax” emerged from the discussion of a bill prepared to provide legal infrastructure for virtual currencies, which are invested by around 10 million people nationwide. According to Söcücü newspaper’s Erdogan Şüzer News, during the meeting, MPs from the CHP, İyi Party, Saadet Party, and DEM Party, as well as the ruling MHP, expressed their common opinion that taxes should be levied on income derived from virtual currencies. Deputy Minister of Finance and Treasury Osman Çelik also said that the ministry had launched a tax investigation into virtual currencies in response to requests from the industry. MASAK President Hasan Kaymak said that nearly 60 cryptocurrency service providers were under MASAK’s surveillance and that it had imposed more than 100 million in fines in the field.
Not included in the proposals considered by the committee
A proposed amendment to the Capital Market Law, which would bring crypto assets into a legal framework for the first time, was discussed in the Turkish Grand National Assembly’s Planning and Budget Committee.
During the meeting, CHP Deputy Minister Rami Ashkun Tureli said there were no provisions in the regulations regarding whether taxes would be levied on transactions made with cryptocurrencies, and asked Deputy Minister Çelik for information on the tax issue.
Similarly, MHP committee member İsmail Faruk Aksu, İYİ party member Ümit Özlale, Saadet party member Selim Temurci, and DEM party member Hakki Sarhan Oruç also voiced their opinion that crypto assets should be taxed. AKP deputy İsmail Günes also stated that crypto assets should be guaranteed within certain limits, just like savings accounts.
Responding to questions from MPs, Deputy Finance Minister Osman Celik said that tax on crypto assets is not the subject of the bill submitted to the Turkish Grand National Assembly, “However, due to persistent requests from sector representatives, studies are being carried out on the issue. We are implementing an arrangement that will not alienate local residents and foreigners,” he said.
AKP deputy Omer Ileli, who drafted the bill, responded to a parliament member’s question about taxes by saying, “Taxes are not the subject of this law. The development of the tax issue will be on the agenda for the future,” he said.
60 Codes on Masak’s Radar
MASAK Chairman Hasan Kaynak also provided information on audit studies on crypto assets. Stating that around 60 crypto asset service providers are under MASAK’s monitoring, Kaynak said, “As a result of the inspections, close to 100 million lira in fines has been imposed on crypto asset service providers,” which will likely increase as the law comes into force. MASAK also helped seize nearly $100 million worth of crypto assets last year. “In this way, we have enabled MASAK to seize assets overseas,” he said.
Turks’ net worth is $7.1 billion
In addition, according to an impact analysis prepared by the Ministry of Finance, the current value of crypto assets in Turkey was calculated to be $7.1 billion. It was shared that there are approximately 21 million crypto investors in the country, of which 20 million are using the platform.
Details revealed
The long-awaited proposal includes regulatory provisions to protect crypto assets, crypto service providers and customers from risks.
Crypto assets cannot be seized
Your cash and crypto assets cannot be seized, pledged, included in a bankruptcy estate, or subject to an injunction, even if it is a public claim arising from the debts of the crypto asset service provider and the assets of the crypto asset service. The provider cannot be seized, even if it is a public claim arising from the debts of a customer.
All administrative and judicial requests for injunctions, seizures and similar requests regarding cash and crypto assets belonging to the Client will be fulfilled by the Crypto Asset Service Provider. In the event that cash and crypto assets belonging to the Client are seized by judicial authorities, the judicial authorities will establish all necessary procedures for storing the seized assets in wallets established by an institution providing custody services authorized by the Board.
Up to 5 years imprisonment
Natural persons and officers of legal entities found to be operating as crypto asset service providers without authorization will be punished with imprisonment of three to five years and a fine of 5,000 to 10,000 days.
If the chairman, directors, or other members of a cryptocurrency service provider embezzle money, documents or promissory notes in lieu of money, other items, or cryptocurrency that they have been entrusted with or are obligated to protect, they must keep them safe. If they fail to supervise and supervise based on their obligations as a cryptocurrency service provider, they will be subject to imprisonment of 8 to 14 years and a fine of up to 5,000 days. Compensate for the losses of the cryptocurrency service provider.
If fraud is committed to conceal the embezzlement, the perpetrator will be subject to 14 to 20 years in prison and a fine of up to 20,000 days, but the amount of the fine cannot be less than three times the loss suffered by the cryptocurrency service provider and its customers.
odatv.com
