Turkey’s unregulated crypto market has come under closer scrutiny by the government, as it begins to tighten restrictions and float a tax regime.

Turkey’s unbridled cryptocurrency boom has now been met with an immovable object – the long arm of the state.

While regulatory intervention in the fast evolving space was considered inevitable, government authorities have swiftly moved in a matter of weeks to bring the industry under its purview.

Like many around the world, Turks have flocked to invest in bitcoin, eager to gain from the cryptocurrency’s bull run over the past year while hoping to shield themselves against inflation – which peaked above 17 percent in April – and protect their savings.

Bitcoin, a cryptocurrency run on a decentralised…

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