Turkey to Tighten the Regulation of Cryptocurrencies

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The Turkish authorities are developing legislation that will tighten control over the crypto industry and likely impose a tax on some transactions, Bloomberg has reported citing government sources.

The country’s president Recep Tayyip Erdogan’s ruling Justice and Development Party is expected to bring new rules for local crypto exchanges to parliament in the coming weeks.

The proposals include a requirement for a minimum capital of companies of 100 million lira (about $6 million). In addition, global crypto trading platforms will be required to open branches that will pay taxes in Turkey.

As far as the taxation of individuals is concerned, the authorities have not yet made a final decision. According to the sources of the publication, the government is leaning towards the introduction of a “symbolic fee” for the purchase of digital assets.

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