Turkish crypto investors play a significant global role, and the strong volume in TRY pairs is well-known. The daily volume exceeding 20 billion TL even on local exchanges prompted the Ministry of Treasury and Finance to take action. As we know, there is a comprehensive tax regulation expected to reach the Parliament, targeting 226 billion TL in revenue, including crypto.
Cryptocurrency Tax in Turkey
Although the tax regulation for the stock exchange has been postponed, recent reports show no retreat on the crypto issue. The tax regulation details, based on insider sources, focus on two formulas for taxing cryptocurrencies, aiming for an annual revenue of 3.7 billion TL.
- Transaction tax of 0.03% on buying/selling operations.
- Income tax on the profits earned.
According to Bloomberg Global, the finance minister had said there would be no income tax, but two details in the draft are confirmed by insider sources. Besides crypto, the package includes many details, from raising the overseas exit fee to 1500 TL to minimum income taxes. The final version of this draft is expected to be announced after the holiday break.
