Turkey Is On The Way To Become One Of The Countries That Adopt Cryptocurrency Legally.

While studies on the legal legislation related to cryptocurrencies and digital assets in Turkey continue, some details about the content of the legal legislation emerged at a meeting held by the ministers today. The content of the legal legislation has 4 main headings. These were the conditions for establishing a company in Turkey for global companies, capital requirement, safe custody and taxation of investors.

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The Vice President, the Minister of Treasury and Finance, the Minister of Trade and Communications Director and some deputies attended the meeting. At the meeting, the progress and formulas regarding the legislative preparations were discussed. The 4 main headings that stand out in the studies are as follows.

International Crypto Companies Will Have To Open Offices In Turkey

International crypto companies will need to set up offices in Turkey. In other words, crypto companies that serve Turkish investors will have to be taxpayers. This was expected. Some international companies had already opened offices in Turkey. For example, Binance has an office in Turkey. In short, centralized crypto companies will establish a company and become taxpayers in order to serve customers in Turkey.

Capital Requirement

Another important point is about the capital requirement. Crypto companies that open a company in Turkey must have a starting capital of at least 100 million TL (about 6 million dollars). However, this may increase.

Safe Custody

Secure storage of crypto and digital assets will be ensured or required. It is desired to prevent the grievances experienced in this area by law. They plan to use the technological infrastructure of banks to create reliable storage conditions.

Exchange Tax

In fact, the most important item that concerns investors is the exchange tax. In other words, according to the prepared legislation, exchange tax will be collected from investors. The rate is not clear yet, but it is expected to be a very symbolic rate.

These are the topics that stand out according to the legal legislation that is under preparation.

Almost all crypto-related companies in Turkey meet these conditions. One of these companies is Binance, the world's largest crypto exchange. Binance serves its customers in Turkey on the https://www.trbinance.com/ platform. I would like to state that transfers between Binance and trbinance are free.

However, only the exchange tax is not applied at the moment. I wonder how they will enforce this. In fact, the government has concerns about this. Because a high rate will increase the informal economy. No country would want the informal economy to increase or the money to go abroad, while there are already economic problems. It is not possible to prevent this in the crypto market. That's why I think they're going to impose a symbolic exchange tax. That's what the statements already said.

Government and opposition parties in Turkey generally have a positive view of the crypto market. Therefore, a well-crafted law can be adopted by everyone. If a law is passed that meets everyone's expectations, it can help the economy of this country. In addition, the Central Bank of Turkey continues to work to launch a CBDC. Also, some inside the government say the country will launch its own cryptocurrency.

This will be an interesting process and I am curious about the developments.

Do you pay crypto-related taxes as an investor in your country of residence? If yes, what is the rate?

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