Turkish Authorities Intend to Tighten the Crypto Regulation — Bloomberg

The Turkish authorities are developing legislation that will tighten control over the crypto industry and likely impose a tax on some transactions.

According to Bloomberg, citing government sources, the ruling Justice and Development Party, led by President Recep Tayyip Erdogan, intends to submit new regulatory rules for local cryptocurrency exchanges to parliament.

For example, they demand to introduce a minimum amount of capital for companies in the amount of 100 million lira (~$6 million). And global crypto trading platforms are required to open local offices, which will have to pay taxes to the Turkish budget.

With regard to the taxation of individuals, the authorities have not made a final decision. So far, the government is leaning towards introducing a “token fee” for the purchase of digital assets.

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