Cryptocurrencies Will Be Taxed in Turkey
Parties Reach Consensus: Crypto Tax Discussed in Turkish Parliament
During the process of discussing a bill related to cryptocurrencies in the Grand National Assembly of Turkey (TBMM), various political parties have reached an agreement regarding the taxation of income generated from cryptocurrencies. According to Erdoğan Süzer's report in Sözcü newspaper, MPs from CHP, İYİ Party, Saadet, and DEM Party, along with MPs from the ruling party AKP's ally MHP, stated a shared view on the necessity of taxing crypto assets. Deputy Minister of Treasury and Finance, Osman Çelik, announced that taxes would be imposed on cryptocurrencies based on the demands received. Hasan Kaynak, the President of Financial Crimes Investigation Board (MASAK), mentioned that the production activities are under the supervision of nearly 60 crypto asset service providers, with significant penalties imposed in this field.
No Tax in the Commission's Proposal
In the proposal of the Law Amending the Capital Markets Law, discussed in the TBMM Planning and Budget Committee, there is no provision regarding the taxation of income obtained from crypto assets. However, MPs directed questions about taxation to the ministry's proposals. Deputy Minister of Treasury Çelik stated that they were working on tax issues based on demands from sector representatives.
Details Revealed
The prepared bill includes regulations that would legalize crypto assets and introduce practices related to custodial storage. Among these regulations are provisions such as assets of customers not being subject to seizure, collateralization, or inclusion in bankruptcy estates.
Turks' Assets Valued at $7.1 Billion
According to the impact analysis prepared by the Ministry of Treasury and Finance, the value of crypto assets in Turkey is estimated at $7.1 billion. There are approximately 21 million cryptocurrency investors nationwide.
Up to 5 Years Imprisonment
According to the proposal, individuals operating as unauthorized crypto asset service providers may face imprisonment ranging from 3 to 5 years. Additionally, those causing harm to crypto asset service providers will be punished with imprisonment and fines.
