Turkey is said to be drafting crypto legislation that will be submitted to parliament within the next few weeks. Some crypto transactions could also be subject to taxes in the bill.
New Turkish Crypto Legislation in Place
Bloomberg reported last week that Turkey is working on a bill to create new rules for crypto industry. Bloomberg cited two Turkish officials who were familiar with the matter.
According to officials, the AK Party of President Recept Tayyip Erdogan intends to present the cryptocurrency bill to parliament within the next few weeks.
The new regulatory framework would require companies to have at least 100 million lire ($6 million) of capital. Global cryptocurrency exchanges will be required to open branches that are tax-exempt in Turkey. Authorities are looking at ways to store cryptocurrencies safely.
At a meeting last week at the president’s desk, the new measures were discussed. Vice President Fuat Oktay and Nureddin Nebati (Treasury and Finance Minister) attended the meeting. Mehmet Mus, Trade Minister, was also present.
The publication also stated that the government may also consider imposing a symbolic tax on crypto purchases.
According to reports, President Erdogan instructed the country’s ruling party in January to conduct a study about cryptocurrency and the metaverse.
Triplea, a crypto payments service provider, estimates that over 2.4 million people (or 2.94%) currently have cryptocurrency.
Reports also suggest that Turkey is seeing a boom in crypto ownership due to high inflation and weak liras, prompting Turks to look for ways to protect their wealth. Reports claim that the Turkish lira lost half its value over the past twelve months, while the annual inflation rose to a high of almost 70% in April (20 years ago).
