The Turkish authorities are reportedly drafting a bill to set up additional control over the crypto industry. As reported by Bloomberg last week, Over the past few years Cryptocurrencies have been subject to a lot of controversies in Turkey as the government on one hand has displayed a negative stance on digital assets because of their volatility while an increasing proportion of the population on the other hand are gradually shifting towards Bitcoin and other altcoins due to inflation in the country.

The governing AK Party of President Recep Tayyip Erdogan, plans to submit the crypto regulatory bill in the coming weeks.

This legislation would grant the officials additional power when monitoring the market. They are also contemplating taxing individuals who purchase cryptocurrencies. Although it remains unclear whether this step will be taken and what the tax percentage will be implemented.

Under this new regulatory framework, companies would be required to have a minimum of 100 million liras ($6 million) in capital.

Featured image source: Coincu News

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