Global tax authorities are non-cryptic about increasing scrutiny in cryptocurrency industry; the Tax Man is here and he means business

Posted in Banking and finance Compliance Financial institutions

As the use of crypto skyrockets, authorities around the world are implementing regulations and increasing their scrutiny. In the US front, US Tax Authorities and the Department of Justice (“DOJ”) are keen on fighting the abusive and criminal use of crypto both domestically and internationally. A recent enforcement action by the DOJ showcases that the DOJ’s arm’s length for jurisdiction does not only cover the US territory but extends to the international world. A Swiss Bank headquartered in Geneva agreed to pay US$192.35 million in penalties as part of a deferred prosecution agreement for its role in assisting US taxpayers in avoiding paying taxes on undeclared assets. Therefore, considering such extraterritorial jurisdiction, institutions and individuals outside of the US, including Turkey, must act diligently and follow up with the regulations of the authorities in order to avoid enforcement.

For more insight, read the full article here.


Turkey offers significant growth potential to international investors and developers, in addition to domestic businesses. Our understanding of the legal, economic and political landscape in Turkey is second to none and we understand that changes impacting your business can arise rapidly and vary significantly across the region.

Through Inside Turkey, we aim to keep you updated on domestic and international developments, as well as providing insights into how to navigate the current market across key industry sectors. Inside Turkey will also feature legal developments outside of Turkey that affect Turkish companies doing business abroad.

Blog Network