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Home » Turkey refutes intentions to tax gains from cryptocurrency and stock investments

Turkey refutes intentions to tax gains from cryptocurrency and stock investments

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By admin on 2024-06-05 Regulations Security

Turkey has decided against implementing taxes on profits from stocks and cryptocurrencies, but has hinted at a possible limited levy on transactions. Treasury and Finance Minister Mehmet Şimşek revealed during an interview in Ankara that the government is contemplating a minimal transaction tax on these assets. The aim is to ensure that all areas are taxed fairly and efficiently, although the exact size of the tax has not been specified. Turkey previously reduced its tax rate on stock market profits from 10% to 0% in 2008.

Reports from Bloomberg on June 4 suggested that authorities in Turkey were planning to introduce a tax on gains from stock and cryptocurrency trading. Minister Şimşek emphasized the importance of properly taxing all financial income during a recent meeting. Currently, Turkey lacks specific regulations for taxing cryptocurrencies, but efforts are underway to establish a legal framework for digital assets.

On May 16, Turkey’s ruling party introduced a new bill to regulate the crypto market. The bill mandates that crypto businesses obtain licenses and adhere to international standards, including oversight by capital markets boards. Additionally, the legislation requires revenue collection from crypto service providers and prohibits foreign crypto brokers to promote a locally regulated ecosystem. These measures aim to address concerns raised by the Financial Action Task Force (FATF) and remove Turkey from the regulator’s “gray list.”

Turkey holds a significant position in the global cryptocurrency market, ranking fourth worldwide in estimated trading volume according to Chainalysis data. The country’s trading volume reached $170 billion in 2023, surpassing economies like Russia, Canada, Vietnam, Thailand, and Germany. Turkish crypto holders have been banned from using cryptocurrencies like Bitcoin (BTC) for payments since 2021.

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