Cryptocurrency Tax Legislation Proposed Post-Election: Last Minute Economic Update
Preparations for Regulations on Crypto Assets Continue in Turkish Parliament
As the Parliament takes a break for the upcoming March 31 local elections, work on regulations for crypto assets is still ongoing. AK Party Group Chairman Güler recently announced that preparations for a bill regarding crypto assets have begun after the completion of studies conducted at the Ministry of Treasury and Finance.
Güler mentioned that a study was conducted with AK Party Deputy Chairman of Information and Communication Technologies Ömer İleri and other members of parliament with expertise in this field. The goal is to finalize the work after Eid al-Fitr and submit the bill to the Presidency of the Turkish Grand National Assembly.
The proposed regulation aims to reduce risks associated with transactions involving crypto assets in Turkey, aligning with international practices. One significant aspect of the regulation is the licensing of crypto asset trading platforms by the Capital Markets Board. This regulation will define crypto assets broadly and impose minimum operating conditions similar to financial institutions.
By enacting this regulation and starting to license crypto asset service providers, Turkey aims to address criticisms outlined in the Financial Action Task Force’s technical standard No. 15, potentially moving out of the “partially compliant” category.
Looking at global practices, the European Parliament approved a decision to levy taxes on crypto assets last year. In Germany, earnings tax is applied to values exceeding 600 euros, while Sweden imposes up to a 30 percent tax on crypto assets.
As these preparations continue in the Turkish Parliament, the country is taking steps to regulate the use of crypto assets and enhance its financial system in line with international standards.
