Turkey Prepares to Introduce Taxes on Cryptocurrencies

Turkey is preparing to introduce taxes and full regulation of cryptocurrency assets, according to information from the Justice and Development Party of Turkey. Next week, the party plans to present a bill to parliament that will regulate cryptocurrency trading and the overall crypto asset sphere. According to the TGRT channel, cryptocurrencies will be supervised by the Capital Markets Board and also subject to taxation.

This bill aims to make the country’s crypto sphere more transparent and controlled. In addition to taxing cryptocurrency transactions, rules for licensing trading platforms, exchanges, and brokers will be established, as well as defining relationships between clients and these platforms. The introduction of fines, sanctions, and dispute resolution mechanisms is also planned.

The Capital Markets Board will be the main regulatory body in these matters and will issue permits for the development, use, and sale of blockchain and similar technologies.

It is expected that the bill will also establish provisions for involving Turkey’s Council of Scientific and Technological Research in these processes, which will stimulate the development of blockchain software and other tools at the government level.

The regulation of cryptocurrencies in Turkey has been discussed for quite some time. In addition to creating a legal framework for working with cryptocurrencies, this bill, according to Turkish officials, will also help address concerns from the Financial Action Task Force (FATF). Approval of this legislative initiative could lead to Turkey being removed from the FATF grey list, where it is included due to deficiencies in measures to combat money laundering and terrorism financing.

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