Bitcoin regulations are now coming to Turkey; Details

Sahana Kiran
Source – Pixabay

Bitcoin [BTC] was time and again overlooked by governments across the globe. The fact that it was involuntarily associated with the dark web instilled fear among regulators. BTC tried long and hard to show the world its real use case and has now managed to catch the eye of lawmakers, for all the good reasons. As countries are welcoming cryptocurrencies with open arms, regulating the market was also considered pertinent. Following a slew of other nations, Turkey is prepping to regulate the crypto market.

According to a recent report, Turkey was formulating a bill that would allow the government to keep an eye on the crypto market. This would mean, new rules for exchanges and other crypto-related businesses.

In addition to this, tax is expected to be imposed on certain cryptocurrency transactions. The bill also entails revised laws for global cryptocurrency exchanges. These platforms will be required to set up offices in Turkey that can be taxed by the government.

Furthermore, the bill is yet to be submitted to the parliament by the President of the ruling AK Party. Following this, the details pertaining to the bill will be revealed.

Will Turkey’s imminent crypto regulations further spruce up crypto usage?

The adoption rate of crypto has witnessed a massive surge over the years. From real estate to prominent fashion brands, an array of them has adopted crypto. Not to forget the average Joe, everyone has been smitten by the Bitcoin bug.

Turkey particularly has witnessed an increased use of Bitcoin. A recent incident of a coin with a Bitcoin logo being tossed at the Istanbul football derby during a match between Besiktas and Fenerbahce was proof of the same. Nearly 6 million Turks currently hold cryptocurrencies.

However, the community expressed concerns over the possible taxing of the market. Information regarding the taxation of Bitcoin and other cryptocurrencies is still under the wraps. Nevertheless, the community is expected to employ crypto considering the inflation in Turkey.