Turkey May Introduce a Stricter Regulation for the Crypto Industry

Bloomberg has reported that the authorities of Turkey are developing a legal framework that will tighten their control over the crypto industry and will likely impose a tax on some transactions.

The ruling Justice and Development Party of president Recep Tayyip Erdogan will likely introduce new rules for local crypto exchanges to parliament in the coming weeks.

One of the proposals includes the requirement for the minimum amount of capital of companies in 100 million lira or $6 million). On top of that, global crypto trading platforms will be required to open local divisions that will pay taxes in Turkey.

The government may introduce a symbolic fee for the purchase of digital assets for individuals.