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Turkey Drafting Crypto Bill to Submit to Parliament in Coming Weeks

Turkey Drafting Crypto Bill to Submit to Parliament in Coming Weeks – Bloomberg reported last week that Turkey is developing a measure to impose new restrictions for the crypto business, citing two unnamed Turkish officials acquainted with the matter.

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According to officials, President Recep Tayyip Erdoan’s AK Party intends to present the cryptocurrency bill to parliament in the coming weeks.

Also Read: Korean Government Considers Imposing Unified Listing Standard on Crypto Exchanges After LUNA, UST Collapse

Companies will be required to hold a minimum of 100 million liras ($6 million) in capital under the new regulatory framework. Furthermore, global cryptocurrency exchanges will be required to open Turkish branch offices that may be taxed. Authorities are also looking into measures to keep cryptocurrencies safe.

The new measures were discussed at a meeting held last week in the president’s office. Vice President Fuat Oktay, Treasury and Finance Minister Nureddin Nebati, as well as Trade Minister Mehmet Muş were present at the meeting.

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The government is also considering placing a symbolic levy on cryptocurrency purchases, according to the publication.

President Erdoğan is said to have directed the country’s ruling party to launch a study on cryptocurrency and the metaverse in January.

Over 2.4 million people, or 2.94 percent of Turkey’s entire population, own cryptocurrencies, according to crypto payments service provider Triplea.

Also Read: Nigerian Presidential Hopeful Says He Supports Digital Currencies but Wants the Industry Regulated

Turkey Drafting Crypto Bill to Submit to Parliament in Coming Weeks – According to estimates, crypto ownership is on the rise in Turkey, as high inflation and a weak currency push Turks to seek ways to save their wealth. The Turkish currency has lost half its value in the last year, according to reports, while annual inflation hit a 20-year high of about 70% in April.

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