Turkey will tighten control over cryptocurrencies

Turkish authorities are developing legislation to control the cryptocurrency market and tax it, Bloomberg writes, citing officials.

The ruling party of President Recep Erdogan will submit bills to parliament in the coming weeks that will establish new rules for local crypto exchanges.

The government has not yet made a decision on taxation of individuals, but is leaning toward the introduction of a «symbolic» tax on the purchase of cryptocurrencies.

The government is also considering the idea of «safe custody of crypto assets by crypto exchanges» (it is not clear how this will work, but there are rumors that bank accounts will have to be used as reserves), as well as the obligation for crypto exchanges to open branches in Turkey with the appropriate license and pay taxes «on the spot».