Turkey has dismissed plans to impose taxes on profits from stocks and cryptocurrencies but suggested a “very limited” levy on transactions.during an interview in Ankara that the government is considering a “very limited” transaction tax on the assets.
“Our aim is to leave no area untaxed in order to provide justice and effectiveness in taxation,” Simsek stated, without specifying its potential size. In 2008, Turkey reduced its tax rate on stock market profits from 10% to 0%.to impose a tax on gains from stock and cryptocurrency trading. During a meeting over the weekend, Minister Simsek reportedly stressed the importance of properly taxing all financial income.
As of now, Turkey does not have specific regulations in place to tax cryptocurrencies. However, the country is actively working to establish a legal framework for digital assets.to regulate the crypto market. The bill requires crypto businesses to get licenses and follow international standards, such as being regulated by capital markets boards.
The legislation also stipulates mandatory revenue collection from crypto service providers and a ban on foreign crypto brokers to foster a locally regulated ecosystem. According to local media reports, the move seeks to address Financial Action Task Force concerns and expel the country from the regulator’s “gray list.”in the global cryptocurrency market, ranking fourth worldwide in estimated trading volume according to Chainanalysis data.