Turkey Weighs in On Taxing Crypto Transactions: Report
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Turkey is exploring the possibility to tax some transactions, which involve cryptocurrencies, as the country is working on legislation to put more regulatory burden on the market, Bloomberg reports, citing persons close to the matter.

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Turkish ruling party is expected to submit crypto-related bills to parliament in the coming weeks, containing detailed rules for local cryptocurrency exchanges. One of the rules requires crypto companies to have at least $6 million in the capital, while the other rule mandates global cryptocurrency companies to open local branches.

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An official who decided to keep a low profile said that the government is also considering imposing a "symbolic levy" on the purchase of digital assets. In addition to that, the authorities are also weighing whether they can capitalize on storing cryptocurrencies within the banking infrastructure.

In April 2021, Turkey announced plans to create a centralized custodian bank to eliminate the risk of insolvency in the digital asset space after THODEX, a Turkish crypto exchange, rug pulled hundreds of thousands of users.

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