Media: Turkey to tighten regulation of cryptocurrencies

The authorities plan to impose a transaction tax and oblige global companies to register branches

26.05.2022 - 10:25

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What’s new? The Turkish authorities are working on tightening legislation in the field of regulation of the cryptocurrency market. Transaction taxes and requirements for foreign companies to register branches in the local market may be introduced. This is reported by Bloomberg, citing government sources.

News on the Bloomberg website

What changes are planned? According to sources, the ruling Justice and Development Party is discussing the imposition of “a symbolic levy” when citizens buy digital assets. In addition, there may be new requirements for the minimum amount of capital for cryptocurrency companies. Its size may amount to 100 million liras ($6,09 million). Foreign companies will be obliged to open local representative offices, which will pay taxes in Turkey. All proposals will be considered in parliament in the coming weeks.

What events happened before? In January, Turkish President Recep Tayyip Erdoğan instructed ruling party leaders to develop a concept for a forum on virtual space. A seminar is expected to consider the economic elements of the metaverse, cryptocurrencies, and social media.

In March, 40% of Turkish citizens owned cryptocurrencies. Demand for digital assets in Turkey increased amid the financial crisis.

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