Bloomberg warns of tighter regulation of cryptocurrencies in Turkey

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

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.

Among the proposals is a requirement for a minimum capital of companies of 100 million lira (~$6 million). Also, global crypto trading platforms will be required to open branches that will pay taxes in Turkey.

Regarding the taxation of individuals, the authorities have not come to a final decision. According to the interlocutors of the publication, the government is leaning towards the introduction of a “symbolic fee” for the purchase of digital assets.

The new regulation measures were discussed at a meeting in the president's office, with the participation of his deputy Fuat Oktay, finance and treasury minister Nureddin Nebati and trade minister Mehmet Musa, the officials said.

In the country, against the backdrop of the devaluation of the lira, there has been an increase in the popularity of cryptocurrencies.

In 2021, the country faced the bankruptcy of two digital asset exchanges - Thodex and Vebitcoin. After that, the authorities demanded that the platforms introduce mandatory user verification and transfer information about transactions worth more than $1,200.

In July, the Ministry of Finance and Treasury announced the completion of work on a bill to regulate the industry and announced its submission to parliament. The department noted that the document does not talk about a ban, but focuses on a "harder structure" of supervision.