The Turkish government plans to present a bill regulating cryptocurrencies to Parliament in October, Sabah reported.

The bill will be modeled on legislation in Europe and the U.S., Sabah said Monday, citing Deputy Minister of Treasury and Finance Sakir Ercan Gul.Crypto-asset companies will be supervised by the Capital Markets Board.The legislation will supervise trading, strengthen protections for investors and help prevent the use of crypto for illicit purposes.Tax will be charged on holdings above a certain amount, and capital requirements will be introduced for companies with crypto exposure.