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Turkey is developing legislation that will establish greater control over the cryptocurrency market and, possibly, introduce a tax on some transactions with digital assets.
President Recep Tayyip Erdogan’s ruling party is expected to submit bills to parliament in the coming weeks establishing new rules for local cryptocurrency exchange platforms, Turkish officials said.
Among the proposals is a requirement that companies have a capital of at least 100 million liras ($6 million). Another rule would oblige global cryptocurrency platforms to open branches that could be taxed in Turkey, officials said.
Although the government has not yet decided how to tax individuals, it is leaning towards introducing a symbolic tax on the purchase of cryptocurrencies. Turkish authorities are also considering ways to securely store cryptocurrencies, possibly within the infrastructure of the banking sector, to prevent abuse, officials noted.
The new measures were discussed at a meeting held at the president’s office on Tuesday. It was attended by Deputy President Fuat Oktay, Minister of Finance and Treasury Nureddin Nebati and Minister of Trade Mehmet Mus.
The fall of the lira and rising inflation reduce the cost of savings of Turkish citizens, so cryptocurrencies become more attractive to them. However, there are concerns that this asset class could pose a risk to the broader financial system, which is why it is planned to strengthen supervision of the sector.
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