Turkey rejects plan to curb crypto, stock gains
Turkey has rejected plans to tax profits from stocks and cryptocurrencies, but suggested a “very limited” tax on transactions.
According to Bloomberg, Treasury and Finance Minister Mehmet Simsek said in an interview in Ankara that the government is considering a “very limited” transaction tax on properties.
“Our goal is to leave a place without paying any taxes,” Şimşek explained, without specifying the amount. In the year In 2008, Turkey reduced the tax rate on stock market gains from 10% to 0%.
Bloomberg reported on June 4 that authorities in the country are planning to impose taxes on profits from stock and cryptocurrency trading. At the weekend meeting, Minister Şimşek emphasized the importance of correct payment of all financial revenues.
As of now, Turkey does not have specific guidelines for the use of cryptocurrencies. However, the country is actively working to establish a legal framework for digital assets.
On May 16, Turkey's ruling party introduced a new law to regulate the crypto market. The bill requires crypto businesses to obtain licenses and follow international standards, such as regulation by capital market boards.
The law provides for mandatory revenue collection from crypto service providers and prohibits foreign crypto brokers from developing a domestically regulated ecosystem. According to local media, the move seeks to address the concerns of the Financial Action Task Force (FATF) and remove the country from the regulator's “grey list”.
Turkey has the largest presence in the global cryptocurrency market, ranking fourth globally in terms of estimated transaction volume, according to Chinalysis data. The country's trade volume is projected to reach $170 billion by 2023, surpassing economies such as Russia, Canada, Vietnam, Thailand and Germany.
Turkish crypto holders have been banned from making payments using cryptocurrencies such as Bitcoin (BTC) since 2021.
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