{"id":62024,"date":"2022-05-25T17:47:13","date_gmt":"2022-05-25T14:47:13","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=62024"},"modified":"2025-09-05T15:34:13","modified_gmt":"2025-09-05T12:34:13","slug":"bloomberg-warns-of-tighter-crypto-regulation-in-turkey","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bloomberg-warns-of-tighter-crypto-regulation-in-turkey\/","title":{"rendered":"Bloomberg Warns of Tighter Crypto Regulation in Turkey"},"content":{"rendered":"

Turkish authorities are drafting legislation designed to tighten oversight of the crypto industry and are likely to introduce a tax on some transactions. Bloomberg<\/a> reports, citing government sources.<\/p>\n

The ruling Justice and Development Party (AKP) of President Recep Tayyip Erdo\u011fan is expected to submit new rules for local crypto exchanges to Parliament for consideration in the coming weeks.<\/p>\n

Among the proposals is a requirement that companies hold a minimum capital of 100 million lira (~$6 million). Global crypto trading platforms would be required to establish branches that would pay taxes in Turkey.<\/p>\n

On individual taxation, authorities have not reached a final decision. According to sources, the government is inclined to introduce a \u201csymbolic fee\u201d on the purchase of digital assets.<\/p>\n

The new regulatory measures were discussed at a meeting in the president’s office attended by his deputy Fuat Oktay, the finance and treasury minister Nureddin Nebati and the head of the Ministry of Trade, Mehmet Musa, officials said.<\/p>\n

Against the backdrop of the lira’s devaluation, there is growth in the popularity of cryptocurrencies<\/a>.<\/p>\n

\\\"Bloomberg
Weekly bitcoin trading volumes in lira on LocalBitcoins. Data: Coin Dance<\/a>.<\/figcaption><\/figure>\n

In 2021, the country faced the bankruptcies of two digital-asset exchanges \u2014 Thodex<\/a> and Vebitcoin<\/a>. After that, authorities required platforms to implement mandatory user verification<\/a> and to disclose information on transactions over $1200<\/a>.<\/p>\n

In July, the Ministry of Finance and the Treasury announced the completion of the industry-regulation bill<\/a> and its submission to Parliament. The ministry noted that the document does not call for a ban, but emphasises a ‘tougher supervisory framework’.<\/p>\n

In September, President Erdogan stated<\/a> that authorities are waging a separate fight against cryptocurrencies.<\/p>\n","protected":false},"excerpt":{"rendered":"

Turkish authorities are drafting legislation to tighten oversight of the crypto industry and are likely to introduce a tax on some transactions, Bloomberg reports citing government sources.<\/p>\n","protected":false},"author":1,"featured_media":62025,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[36,920],"class_list":["post-62024","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-regulation","tag-turkey"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/62024","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=62024"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/62024\/revisions"}],"predecessor-version":[{"id":62026,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/62024\/revisions\/62026"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/62025"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=62024"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=62024"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=62024"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}