According to a statement made today by Turkey’s main opposition party, it has applied to the Constitutional Court regarding cryptocurrencies. The Republican People’s Party, which has been working on the regulation for a long time and entered into force on June 26, is demanding its repeal and cancellation.
Crypto Regulation in the Constitutional Court
CHP In the statement made by Group Deputy Chairman Gökhan Günaydın, it was mentioned that some articles of the law related to crypto assets should be annulled. Party officials who applied to the Constitutional Court took action against the law regarding the amendment of the Capital Market Law No. 7518 dated June 26, 2024. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Gökhan Günaydın said the following on the subject;
“As the CHP Group, we have applied to the Constitutional Court to suspend and annul the provisions of the regulation on crypto assets that are contrary to the public interest.”
They explain the reasoning behind their demands as follows;
“Crypto “The Capital Markets Board determines the structure and activities of asset service providers, the transactions regarding the transfer of their existing shares in the event that the partners of crypto asset service providers lose their qualifications (required to become partners), the procedures and principles of the contract to be made between the crypto asset service provider and the customer without legal criteria and in a way that will disrupt the competitive market structure, the Capital Markets Board can decide to remove content and/or block access in a way that will limit freedom of expression, the members of the crypto asset service provider who are assigned various rights, authorities, duties and responsibilities are not clearly defined at the level of the law.”
In short, the objection here is more related to the shortcomings of the law.
Cryptocurrency Regulation
There are no significant details in the latest regulation that concern cryptocurrency investors. The main focus of investors is taxation was removed from the last study and postponed until after the holiday. Millions of people in Turkey cryptocurrency investor and these investors represent a significant slice of the global pie in terms of volume.
Investors who demand reasonable rates similar to those in classic stock exchanges in terms of taxation also want the high volatility in crypto to be taken into account. For investors who can experience rapid gains or losses, the most reasonable scenario is to deduct taxes similar to commissions only on purchase and sale transactions. Otherwise, accounting for gains and losses will also bring a difficult process for fiscal authorities.
Now cryptocurrencies Since the taxation issue in particular has not been legally clarified, and the tax laws are not applied retroactively, waiting is no longer a problem for investors.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
