Turkish legislators plan to submit to the parliament projects that are designed to strengthen control over the cryptocurrency market and introduce taxation of a number of operations with digital assets.
Unnamed officials in the country’s government told Bloomberg that President Recep Tayyip Erdogan’s ruling AKP party plans to submit new rules to parliament not only for national cryptocurrency exchange platforms, but also for foreign companies.
Legislators’ proposals include a minimum equity cap for cryptocurrency platforms of at least $6 million. Another innovation involves the introduction of a “landing rule” that would oblige global cryptocurrency platforms to open taxable branches in Turkey.
The government has not yet made a decision on how to tax transactions with individuals’ assets and is leaning towards a temporary symbolic tax on the purchase of cryptocurrencies, officials said. Also, according to officials, to prevent abuse, the Turkish authorities are considering ways to securely store crypto assets in the infrastructure of the banking sector.
A year ago, the Turkish president said that the country would not ban digital currencies, and the spread of crypto assets is not a concern. However, Turkey is fighting for its “own digital lira”.
