Turks might have to pay taxes when purchasing crypto, while exchanges could operate only if they have at least $6.1 million in capital.
The Turkish authorities are reportedly working on a draft bill to set up additional control over the local digital asset market. The legislation focuses on crypto exchanges, too, as they should have a minimum of 100 million liras in capital to operate on domestic soil.Turkey and cryptocurrencies have been a controversial pair in the past few years.
Local digital asset platforms are the primary focus of the draft bill as the authorities believe they should have at least $6.1 million in capital to execute their businesses. Meanwhile, foreign exchanges should establish branch offices that can be taxed in Turkey. Subsequently, the authorities might provide domestic investors with the option to store their digital asset holdings within the nation’s banking infrastructure to avoid fraudulent schemes.The upcoming rules will aim to reinforce Turkey’s crypto ecosystem. Last year, the CEO of Thodex – Faruk Fatih Ozer –
with up to $2 billion in users’ funds. The platform remained closed for several days, while some rumors indicated that the executive’s hiding spot might be in Albania.The financial condition of Turkey is quite concerning, to say the least. The country’s national currency keeps weakening against the US dollar as the consumer price inflation surpassed 60% at an annual rate.
As such, it is no wonder that some locals started looking for other alternatives to preserve their wealth during times of monetary crisis.
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