Turkey's Ruling Party Proposes 10% Cryptocurrency Gains Tax

Odaily News Turkey's ruling AK Party has submitted a comprehensive economic bill to parliament, aiming to formally establish a cryptocurrency taxation system. The bill proposes a quarterly withholding tax of 10% on profits from crypto platforms regulated by the Capital Markets Law, regardless of the investor's identity or place of residence. Additionally, the bill intends to impose a 0.03% transaction tax on service providers facilitating trades. The President of Turkey will have the authority to adjust the withholding tax rate between 0% and 20% based on token type, holding period, issuer, or wallet type. If approved, the cryptocurrency-related provisions will take effect two months after publication.