Bitcoin
Türkiye Considers Limited Transaction Tax on Stocks and Crypto
Turkish Treasury and Finance Minister Mehmet Simsek addressed the country’s stance on taxing profits from stocks and cryptocurrencies. Simsek clarified that the government is not planning to impose taxes on profits made from these assets, but is considering a “very limited” transaction tax.
On a recent interview with Bloomberg in Ankara Simsek said, the benchmark Borsa Istanbul 100 Index initially reversed losses, rising as much as 0.7% on Wednesday, before paring gains to 0.1% as of 5:18 pm in Istanbul. The market had already fallen on reports that authorities were discussing taxing income from stock and cryptocurrency trading.
Ata Portfoy CEO Mehmet Gerz commented on the potential impact of the proposed transaction tax, stating: “The tax on stock trading, although very limited, could lead to inefficiency in the market while increasing commissions and fees. It is a step towards benefiting from strong trading volumes.”
Currently, Turkey does not have specific regulations to tax cryptocurrencies. As reported On May 16, Turkey’s ruling party proposes a new bill to regulate the cryptocurrency market, where every organization that engages in cryptocurrency-related business must obtain a license and act in accordance with international standards.
The legislation addresses the requirement to collect revenue from providers of such services and the prohibition on foreign crypto brokers promoting a regulated domestic environment. These measures could remove Turkey from the regulator’s so-called “grey list” and respond to the concerns of the Financial Action Task Force (FATF).
According to Chainalysis datathe country ranks fourth in the world in estimated trade volume, with around 170 billion dollars in 2023, surpassing the trade volumes of countries such as Russia, Canada, Vietnam, Thailand and Germany.
However, since 2021, Turkish cryptocurrency holders have been banned from making payments using cryptocurrencies such as Bitcoin (BTC).
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