Turkey plans to tighten regulation of the cryptosphere
The government of the current Turkish President Erdogan is developing new legislation regarding digital assets. Experts warn of increased regulation and the addition of taxes on cryptocurrency transactions.
The bill will be presented in the coming weeks. He will introduce a number of new rules for Turkish crypto exchanges. It must be approved by Parliament for the provisions of the law to come into effect.
One of the most famous changes can be considered the requirement for the minimum authorized capital of a cryptocurrency company. The authors of the bill proposed a minimum of about $6 million.
With regard to taxes on individuals, the decision on this has not yet been made. The authorities are thinking of introducing a small tax on the purchase of cryptocurrencies. Also, large cryptocurrency companies should have a Turkish branch to operate in the Turkish market.
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