Turkey's parliament to weigh new crypto bill, excluding 40% tax, and wants to create central custodian bank to eliminate counterparty risk

Cryptocurrency regulations to be reviewed by the Turkish parliament do not include a 40 percent tax on cryptocurrencies, according to a senior government official. A legal framework aimed at prioritizing transparency, security and auditability of crypto exchange platforms will be submitted to the Turkish parliament in the coming weeks. The second priority of the framework is to create an appropriate financial environment for the growth of blockchain businesses. That does not include the so-called 40 percent tax, said Mustafa Elitas, the parliamentary leader of the ruling Justice and Development Party (AKP). Upcoming laws will aim to regulate local cryptocurrency systems, prevent malicious behavior, protect investors, and dispel grievances. Parliament will have the final say on any proposed regulations. The government wants to create a central custodian bank to eliminate counterparty risk.