With time, one is witnessing a sharp increase in the number of people investing in crypto assets. People-based in almost every country are showing a keen interest in cryptocurrency and seeking guidance on investing it in the right manner. As per a recent report published by the Information and Communication Technologies Authority, Turkey holds the 14th position as far as cryptocurrency investors are concerned.
Global crypto exchange platforms have also made a note of the buzz happening around crypto trading in the country. This has also led to a large number of planning to set up cryptocurrency companies in the country and enquiring about business registration in Turkey.
Cryptocurrency: What It Actually Means
Cryptocurrency, simply put, is a virtual or digital currency. When somebody makes a payment in cryptocurrency, no cash is involved. Many refer to it as an electronic cash system wherein Bitcoin is used. Bitcoin was developed by a Japanese developer named Satoshi Nakamoto and was first introduced to the general public in the year 2009.
While Turkey didn’t adopt cryptocurrency on a huge scale initially, the residents of the country started showing an interest in it with time and investing in crypto assets has become very common now. One can register a company in Turkey for foreigners and make a good profit from it. However, before that one needs to familiarize oneself with the various laws and regulations governing it.
Scope of Cryptocurrency in Turkey
One of the major reasons behind the large number of people investing in crypto assets in Turkey is because of the fact that it has been accepted widely as a form of payment in the country. While cryptocurrency has been accepted as a legitimate method of making payments by e-commerce businesses, restaurants and bars in Turkey are also considering the possibility of adopting it.
A local or foreign businessman, who has an interest in investing in a company setup in Turkey, has to do a few things step-by-step. They have to get their firm or company registered with the Trade Register. To draft the requisite documents, they can take the help of local lawyers who have a good understanding of the laws surrounding cryptocurrency companies in Turkey.
What To Remember While Forming a Cryptocurrency in Turkey
Before opting for cryptocurrency company registration in Turkey, an individual must remember a few important things. Establishing a company is a big step and when you are dealing with cryptocurrency, you have to be all the more careful.
The cryptocurrency company a person wants to setup must adhere to the rules and regulations set by the Turkish National Bank. The scope of the company and the kind of things it will deal with must be determined in advance.
To gain the support and trust of its customers, the company must work towards implementing a very secure method to facilitate currency exchange. It also needs to develop the kind of applications that give its customers the opportunity to have a look at and verify different transactions as and when they wish to.
