Turkey is reportedly drafting crypto legislation that will be presented to parliament in the coming weeks. The bill could also tax some crypto transactions.
New Turkish crypto legislation is underway
Citing two unnamed Turkish officials familiar with the matter, Bloomberg reported last week that Turkey is drafting a bill to set new rules for the crypto industry.
President Recep Tayyip Erdoğan’s ruling party AK plans to introduce a cryptocurrency bill to parliament in the coming weeks, according to officials.
Under the new regulatory framework, companies will be required to have at least 100 million liras ($6 million) in capital. Additionally, global cryptocurrency exchanges will be authorized to open branches that can be taxed in Turkey. Authorities are also exploring ways to safely store cryptocurrencies.
The new measures were on the agenda for last week’s meeting in the president’s office. The meeting was attended by Vice President Foyat Oktai, Finance Minister Nouriddin Nebati and Trade Minister Mohammad Mush.
Additionally, the publication added that the government is also considering a token levy on cryptocurrency purchases.
According to reports, in January this year, President Erdogan instruct The country’s ruling party conducts research on cryptocurrencies and the metaverse.
According to data from crypto payment service provider Triplea, more than 2.4 million people (2.94% of Turkey’s total population) currently own cryptocurrencies.
There are also reports that cryptocurrency ownership is surging in Turkey as high inflation and a weak lira prompt Turks to seek ways to protect their wealth. The Turkish lira has reportedly halved in value over the past 12 months, while annual inflation hit a 20-year high of nearly 70 percent in April.
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