Turkey drafts legislation for cryptocurrency market

Turkey is set to submit draft legislation in the coming weeks that would help the country establish more control over the cryptocurrency market, two government officials familiar with the matter told Bloomberg on Wednesday. The bills, which have been drafted by the governing AK Party of President Recep Tayyip Erdogan, would also potentially impose a tax on some digital asset transactions, in addition to putting in place new rules for local crypto exchange platforms, the officials added, as reported by Bloomberg. Specifically, if parliament approves the bills, companies will be required to hold a minimum of 100M liras ($6M) in capital, the officials told Bloomberg. “Another rule would mandate global cryptocurrency platforms to open branch offices that can be taxed in Turkey, according to the officials,” they added. The move comes after Turkey, an emerging economy whose inflation is running wild, banned crypto payments in mid-April 2021. Meanwhile, bitcoin (BTC-USD +0.5%) is rising modestly