Turkey’s top economy official dismissed reports on Wednesday about taxing profits from stocks and cryptocurrencies but suggested the possibility of a “very limited” fee on transactions.
“We have not currently included taxation on profits for crypto assets and the stock market in our agenda. There may be a very limited fee or taxation on a transaction-based basis,” Finance Minister Mehmet Simsek said, as reported by Daily Sabah, citing Anadolu Agency.
Simsek’s comments came after Bloomberg reported on Tuesday that Turkey was considering taxing profits from stocks and cryptocurrencies. Allegedly, Simsek discussed these plans during a ruling party meeting over the weekend.
However, Simsek clarified at an event that any tax amount would ultimately be determined by Parliament.
“It would not be appropriate for me to comment on the rate. Because it is a matter at the discretion of our Parliament. Our goal is to ensure justice and efficiency in taxes and to leave no area untaxed,” he stated.
Turkey Proposes Crypto Bill to Align with International Standards
Last month, Turkey drafted a crypto bill, submitted by key ruling party officials, aiming to align Turkish crypto markets with international norms.
The bill seeks to remove Turkey from the Financial Action Task Force’s (FATF) gray list by imposing stricter rules on cryptocurrency companies. It also sets the stage for officially allowing these companies to operate. The new regulations include obtaining licenses and adhering to international standards, similar to the regulations governing stock markets.
Earlier this year, Simsek announced that the country’s crypto regulations were nearing completion. He emphasized that the objective is to minimize risks associated with crypto trading and establish licensing and operational criteria for trading platforms.
This move reflects Turkey’s efforts to ensure a regulated and secure environment for cryptocurrency trading, aligning with global practices while maintaining a fair and efficient tax system.
