Ruling celebration sources deny plan to levy 40% tax on crypto revenues in Turkey

The government in Turkey does not intend to impose a 40 percent levy on crypto-related profits, as it claims, members of the ruling AKP party told the local press. They also stressed that the current regulatory efforts are aimed at creating a sustainable environment for the blockchain industry.

Turkey creates a regulatory basis for the cryptocurrency market

A legislative proposal tailored to regulate cryptocurrency trading in Turkey is expected to be presented to parliament in the coming weeks. Sources from the Justice and Development Party (AKP), the country’s ruling political force, have “emphatically denied” allegations that the Ankara authorities will tax cryptocurrency profits at a rate of 40%, Turkish newspaper Hürriyet reported.

One of the AKP representatives, the party’s deputy parliamentary group leader Mustafa Elitaş, commented on social media last month that the new law will serve to regulate Turkey’s cryptosystem while “preventing malicious acts, protecting investors and grievances to counteract “as he put it. He noted that drafts from other institutions were also mentioned in the media, but stressed that the legislature had the final say.

On December 29th, Elitaş organized a meeting in the parliament in Ankara with 13 representatives of the cryptocurrency platforms operating in Turkey. Officials from the Ministry of Finance and Finance, the Regulatory and Supervisory Authority for Banks (BDDK), the Commission of Inquiry into Financial Crime (MASAK) and the Turkish Central Bank also took part in the conference. Participants expressed their support for the adoption of a legal framework that would allow further changes to reflect changes in the space.

AKP is investigating UK and US crypto regulations

Senior members of the AKP reviewed current regulations in the UK, US and Japan this week, according to a report by another major Turkish daily, Milliyet. Achieving transparency, security and verifiability of crypto exchange platforms will be the first priority of Turkey’s own regulations, Hürriyet announced, quoting party officials who had chosen to remain anonymous. Creating the right financial environment for a growing blockchain sector is the next major goal, they added.

More than 30 crypto trading platforms are currently operating in Turkey, the publication said, and the country’s crypto asset market is among the top five in the world with nearly 5 million user accounts. The daily trading volume on the largest exchange, Binance, is around $ 320 million. Last month, MASAK fined Binance’s Turkish platform, BN Teknoloji, a fine of 8 million liras (over $ 750,000 at the time) for violations found during liability checks.

In May 2021, MASAK issued a series of guidelines for crypto service providers that require the exchange of digital assets, verify the identity of their customers, and report suspicious transactions, including high-volume trading. The agency can impose fines on platforms that fail to meet their obligations and can even prosecute their owners.

The rules were passed after two Turkish crypto exchanges, Thodex and Vebitcoin, suddenly stopped trading, caused losses to thousands of investors, and were targeted in anti-fraud investigations. Another platform, Coinzo, was also closed in October. The popularity of crypto trading and investing in Turkey has increased significantly in the face of soaring lira inflation, but crypto payments have been banned by Turkey’s central bank.

Tags in this story

AKP, Crypto, Crypto Exchanges, Crypto Trade, Crypto Trading, Cryptocurrencies, Cryptocurrency, Exchanges, Levy, MASAK, Party, Regulation, Regulations, Ruler Party, Tax, Tax Rate, Taxation, Trading Platforms, Turkey, Turkish

What regulations do you expect from Turkey? Do share your thoughts on the matter in the comments below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy journalist from Eastern Europe who likes Hitchens’ quote: “Being a writer is what I am and not what I do.” In addition to crypto, blockchain and fintech, international politics and economics are two more Sources of inspiration.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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