Turkey Cryptocurrency Law
With the increase in the number of crypto money investors in Turkey, many new laws have begun to be prepared. President Recep Tayyip Erdogan on the subject said that he is ready for the crypto money law.
Thereupon, the eyes were turned to the assembly. Many people are wondering what will happen in the newly prepared law. Some people make a lot of money in the world of crypto money, some people do not earn and go bankrupt, and some people mine Cryptocurrency like a huge factory in a small room of their house. More than 5 million people in Turkey are trading cryptocurrencies.
Considering that this number is increasing day by day, legal regulations continue to be studied for a long time on legal regulations that are much more deeply entrenched. According to the latest information, a new law is expected, such as you have to declare if you earn income. In addition, income declaration will become mandatory for cryptocurrency mining.
Tax Mandatory in Digital Mining
Taxes are inevitable for people who produce digital mines at home or in a different environment. Many people are mining cryptocurrencies with computers at home or work.
The bank accounts of these people will also be checked and the necessary taxation will be in question. There are a few important points to consider regarding cryptocurrency mining. Although there is no taxation related to Cryptocurrency mining before, in the new future tax system and Cryptocurrency regulation, people who earn income from Cryptocurrency mining will also start to pay taxes.
Cryptocurrency Mining Is Changing
With the incoming law, the regulations related to cryptocurrencies are changing seriously. Previously, there was no restriction or taxation for cryptocurrency mining. However, not everyone will be able to mine where they want, as they wish. So what will mining be like?
The state incurs serious losses due to the taxes it cannot collect from mining. Studies related to this are gaining momentum. Now everyone who mines will have to report it. In illegal or clandestine mining, there will even be a question of confiscating the machines. In other words, if you mine illegally, if you are caught, it will even be possible to confiscate both video cards and other electronic devices.
Of course, the limitations of Cryptocurrency mining do not end there. Fines for many people are also at the door. With the law, the state will collect taxes from people operating in all areas of the crypto money market. In other words, even if you earn 100 TL from the mine, you have to pay its tax.
Does the Prepared Law Protect the Investor?
Cryptocurrency frauds and profiteering in Turkey marked a period. The government has come to an end in its work on this. With the new law, such frauds are completely blocked.
In the new system, there will be 3 licenses for companies that want to serve as a cryptocurrency exchange. All companies that do not have a license will not be able to make websites, advertisements, and all applications related to making transactions. These bans will continue until they get a license. Thus, the cases of fraud and disappearance from the market such as Thodex in the past will be eliminated.
Illegal Ways to be Closed in Cryptocurrency
Cryptocurrency stands out as one of the easiest ways to launder money. Many states also impose bans in their countries for this reason. So much so that many countries in the Middle East and a part of South America have banned cryptocurrencies. Among the main reasons for these bans were money laundering and the conduct of illegal activities.
Of course, in a large economic market like Turkey, money laundering can be done with cryptocurrencies. It is possible to receive and send money without interbank transfers with cryptocurrencies. Since the sender and receiver are unknown, it is impossible to find the main source or previous origins of the money.
With the crypto money law in Turkey, crypto money transactions will now be followed much more. Cryptocurrency exchanges, in particular, will be strictly regulated in this regard. Money in and out, bank account checks of people will be done much more seriously than in the past. You don't need to be a taxpayer to be able to tax cryptocurrencies.