Turks might have to pay taxes when purchasing crypto, while exchanges could operate only if they have at least $6.1 million in capital.
The Turkish authorities are reportedly working on a draft bill to set up additional control over the local digital asset market. The legislation focuses on crypto exchanges, too, as they should have a minimum of 100 million liras in capital to operate on domestic soil.Turkey and cryptocurrencies have been a controversial pair in the past few years.
Local digital asset platforms are the primary focus of the draft bill as the authorities believe they should have at least $6.1 million in capital to execute their businesses. Meanwhile, foreign exchanges should establish branch offices that can be taxed in Turkey. Subsequently, the authorities might provide domestic investors with the option to store their digital asset holdings within the nation’s banking infrastructure to avoid fraudulent schemes.The upcoming rules will aim to reinforce Turkey’s crypto ecosystem. Last year, the CEO of Thodex – Faruk Fatih Ozer –
with up to $2 billion in users’ funds. The platform remained closed for several days, while some rumors indicated that the executive’s hiding spot might be in Albania.The financial condition of Turkey is quite concerning, to say the least. The country’s national currency keeps weakening against the US dollar as the consumer price inflation surpassed 60% at an annual rate.
As such, it is no wonder that some locals started looking for other alternatives to preserve their wealth during times of monetary crisis.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Pakistan foreign minister says $6 billion IMF deal is 'outdated'An ongoing bailout deal between Pakistan and the International Monetary Fund (IMF) is 'outdated' given a number of global crises, Pakistan's foreign minister said on Wednesday, as the country struggles to implement targets set by the lender.
Read more »
Crypto Firms Launch Community-Powered Scam Reporting Platform 'Chainabuse' – Featured Bitcoin NewsBinance, Circle, and several other crypto firms have launched a new scam reporting platform. cryptocurrency bitcoin $BTC
Read more »
Crypto Now Braced For A Game-Changing Congressional Bill As The Bitcoin And Ethereum Price Crash Continues“The crypto market is braced for details of a long-awaited crypto bill put together by a bipartisan group of U.S. senators,” our contributor Billy Bambrough writes. It’s expected to define which cryptocurrencies are securities and which are commodities.
Read more »
Terra’s 'vortex of death' brings scrutiny from South Korean regulatorsSouth Korean regulators are mulling plans for the crypto industry following Terra's collapse this month.
Read more »
Standard Crypto raises new $500 million fund: AxiosVenture capital firm Standard Crypto has raised a new $500 million fund, according to a report from Axios.
Read more »
California tightens drought rules as San Diego officials fear higher water ratesTop California water officials adopt restrictions on outdoor irrigation, ban watering 'non-functional' lawns at businesses, universities and other settings
Read more »