Turkey is Working on a New Bill to Tighten Cryptocurrency Regulations

The Turkish government is working on a measure to tighten control over the local digital asset market. The legislation also targets cryptocurrency exchanges, requiring them to have a minimum capital of 100 million liras ($6.1 million) to function on Turkish soil. Are There Going to Be Regulations? In recent years, Turkey and cryptocurrency have been a contentious pairing. On the one hand, the government has taken a hostile position toward digital assets, citing their price volatility and alleged use in illegal operations. On the other hand, due to the country’s soaring inflation, a rising part of the local people is moving their focus to bitcoin and altcoins. According to Bloomberg, President Erdogan’s ruling AK Party will introduce a crypto regulation measure in the coming weeks, focusing primarily on the business. When it comes to market surveillance, the legislation should give officials more power. They’re also thinking about starting to tax people who buy cryptocurrency. It’s unknown whether or not this step will be taken or what fraction of the tax will be levied. The proposed bill focuses primarily on local digital asset platforms, which the authorities feel should have at least $6.1 million in cash. Meanwhile, foreign currency firms should open branches in Turkey that can be taxed. To avoid fraudulent schemes, the government may then offer domestic investors the option of storing their digital asset holdings within its...