Turkey is drafting a crypto bill that will be submitted to Parliament in the coming weeks, according to a report.

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Image Credit: Agefotostock

Turkey is said to be working on crypto legislation, which will be presented to parliament in the coming weeks. Some crypto transactions may be subject to taxes under the bill.

Bloomberg reported last week that Turkey is drafting a bill to establish new rules for the crypto industry, citing two unnamed Turkish officials familiar with the matter.

According to officials, President Recep Tayyip Erdoan’s AK Party intends to present the cryptocurrency bill to parliament in the coming weeks.

Companies would be required to have a minimum of 100 million liras ($6 million) in capital under the new regulatory framework. Furthermore, global cryptocurrency exchanges would be required to open Turkish branch offices that could be taxed. Authorities are also looking into ways to keep cryptocurrencies safe.

The new measures were discussed at a meeting held last week in the president’s office. Vice President Fuat Oktay, Treasury and Finance Minister Nureddin Nebati, and Trade Minister Mehmet Mu┼č were present at the meeting.

The government is also considering imposing a symbolic tax on cryptocurrency purchases, according to the publication.

President Erdoan is said to have directed the country’s ruling party to conduct a study on cryptocurrency and the metaverse in January.

Over 2.4 million people, or 2.94 percent of Turkey’s total population, own cryptocurrency, according to crypto payments service provider Triplea.

According to reports, crypto ownership is on the rise in Turkey, as high inflation and a weak lira prompt Turks to seek ways to preserve their wealth. The Turkish government, according to reports,

According to reports, crypto ownership is on the rise in Turkey, as high inflation and a weak lira prompt Turks to seek ways to preserve their wealth. The Turkish lira has lost half its value in the last year, according to reports, while annual inflation hit a 20-year high of nearly 70% in April.