Turkey is reportedly drafting a crypto law to be submitted to parliament in the coming weeks. The bill may also tax some crypto transactions.
New Turkish crypto legislation is underway
Turkey is drafting legislation to establish new rules for the crypto industry, Bloomberg reported last week, citing two unnamed Turkish officials familiar with the matter.
President Recep Tayyip Erdoğan’s governing AK Party is expected to submit a cryptocurrency bill to parliament in the coming weeks, according to the officials.
Under the new regulatory framework, companies would be required to have a minimum capital of 100 million lira ($6 million). In addition, global cryptocurrency exchanges would be required to open taxable branches in Turkey. In addition, authorities are looking for ways to secure cryptocurrencies.
The new measures were on the agenda of a meeting held last week at the Presidential Palace. The meeting was attended by Vice President Fuat Oktay, Finance Minister Nureddin Nebati, and Trade Minister Mehmet Muş.
In addition, the government is considering imposing a symbolic tax on crypto purchases, the publication added.
In January, President Erdoğan reportedly ordered the country’s ruling party to conduct an investigation into cryptocurrencies and metaverse.
According to crypto payment service provider Triplea, more than 2.4 million people, or 2.94% of Turkey’s total population, currently own cryptocurrencies.
There are also reports that crypto ownership is skyrocketing in Turkey as Turks look for ways to preserve their wealth due to high inflation and a weak lira. According to reports, the Turkish lira has lost half of its value in the past 12 months, and annual inflation reached a 20-year high of nearly 70% in April.
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