Turkey is said to be drafting cryptocurrency legislation that will be presented to Parliament in the next weeks. Some crypto transactions could also be subject to taxes in the bill.
A new Turkish crypto legislation is in the works
Bloomberg reports that Turkey is working on a bill to create new regulations for crypto-industry, and cited two Turkish officials who were familiar with the situation.
According to the officials, the governing AK Party of President Recep Tayyip Erdoğan plans to submit the cryptocurrency bill to parliament in the coming weeks.
The new regulation would require companies to invest at least 100 million lire ($6 million) of capital. Global cryptocurrency exchanges will be required to establish branch offices in Turkey that are tax-exempt. Authorities are looking at ways to store cryptocurrency safely.
The new measures were on the agenda of a meeting held at the president’s office last week. The meeting was attended by Vice President Fuat Oktay, Treasury and Finance Minister Nureddin Nebati, and Trade Minister Mehmet Muş.
According to the publication, the government also contemplates a symbolic levie on crypto-purchases.
In January, President Erdoğan reportedly instructed the country’s ruling party to conduct a study on cryptocurrency and the metaverse.
According to crypto payments service provider Triplea, over 2.4 million people, or 2.94% of Turkey’s total population, currently own cryptocurrency.
Also, reports have suggested that Turkey’s crypto-ownership is on the rise due to high inflation in Turkey and a weak Turkish lira. Turks want to find ways to keep their wealth. Reports claim that the Turkish lira lost nearly half its value over the last 12 months, while the annual inflation rose to a high of almost 70% in April. This is compared with a peak of 20% in 20 years.
Do you have any thoughts about Turkey creating cryptocurrency legislation and submitting it to parliament within the next few weeks? Leave your comments below.
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