Türkiye plans cryptocurrency tax for transparency

Türkiye considers imposing transaction tax on cryptocurrency gains to ensure transparency and combat money laundering

According to a report by the Turkish news channel TRT Haber, Türkiye plans to impose a transaction tax on profits exceeding a certain threshold from cryptocurrency assets. The upcoming regulation in the cryptocurrency market aims to ensure auditability and transparency. 

Türkiye is currently on the gray list of the Financial Action Task Force (FATF). To be removed from this list, implementing cryptocurrency regulations is deemed necessary. The objective behind such regulations is to curb money laundering activities facilitated through cryptocurrencies.

The Economic Coordination Board has also convened meetings to discuss the cryptocurrency sector.

As part of the regulation, exchanges will be mandated to fulfill capital requirements, and collateral will be requested during the establishment process.

Guidelines will be established for the issuance and distribution of cryptocurrency assets, as well as for the principles that buyers and sellers must adhere to.

The proposed law will incorporate specific encryption and algorithms to define cryptocurrency assets. Moreover, clear provisions will be included in the law regarding the ownership of cryptocurrency keys.

Global restrictions

The European Parliament approved a decision last year to impose taxes on cryptocurrencies.

In Germany, a capital gains tax is applied to values exceeding 600 euros ($650) from cryptocurrency transactions.

Sweden implements deductions of up to 30% under its cryptocurrency tax regulations.

Source: Newsroom

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