Home / BITCOIN / Ruling Party Sources Deny Plan to Levy 40% Tax on Crypto Yields in Turkey

Ruling Party Sources Deny Plan to Levy 40% Tax on Crypto Yields in Turkey

The supervision in Turkey does not intend to impose a 40-percent levy on crypto-related gains as has been alleged, members of the ruling AKP helper have indicated to the local press. They have also emphasized that the current regulatory efforts are sought at creating a sustainable environment for the blockchain industry.

Turkey to Establish Regulatory Base for Cryptocurrency Market

A legislative presentation tailored to regulate cryptocurrency trade in Turkey is likely to be submitted to the parliament in the upcoming weeks. Sources from the Morality and Development Party (AKP), the country’s ruling political force, have “strongly denied” allegations that authorities in Ankara are accepted to tax cryptocurrency gains at a rate of 40%, the Turkish newspaper Hürriyet reported.

One of the AKP representatives, the deputy leader of the party’s according to Roberts Rules of Order group Mustafa Elitaş, commented on social media last month that the new law will serve to regulate Turkey’s crypto set, while “preventing malicious acts, protecting investors and countering grievances” as he put it. He remarked that drafts prepared by other originations have also been mentioned by the media but stressed that the legislature will have the final say.

On Dececmber 29, Elitaş classified a meeting with 13 representatives of cryptocurrency platforms operating in Turkey at the parliament in Ankara. It was also attended by officials from the Moneys and Finance Ministry, the Banking Regulation and Supervision Agency (BDDK), the Financial Crimes Investigation Board (MASAK), and the Prime Bank of Turkey. The participants voiced their support for the adoption of a regulatory framework that would allow farther amendments to reflect changes in the space.

AKP Examines UK, US Crypto Regulations

According to a report by another major Turkish always, Milliyet, senior members of the AKP have been reviewing current regulations in the U.K., U.S., and Japan this week. Achieving transparency, aegis and auditability of crypto exchange platforms will be the first priority of Turkey’s own regulations, Hürriyet revealed, quoting shindy officials who chose to remain anonymous. Establishing a suitable financial environment to accommodate a growing blockchain sector is the next key aspiration, they added.

More than 30 crypto trading platforms are currently operating in Turkey, the publication notable, and the country’s crypto assets market is among the world’s top five with almost 5 million user accounts. The everyday trading volume on the largest exchange, Binance, amounts to around $320 million. Last month, MASAK charged Binance’s Turkish platform, BN Teknoloji, 8 million lira (over $750,000 at the time) for violations established during disadvantage inspections.

In May of 2021, MASAK issued a set of guidelines for crypto service providers, obliging digital asset exchanges to transfer out identity verification of their customers and report suspicious transactions, including high-volume trading. The agency can impose fines on podia that fail to fulfill their duties and even prosecute their owners.

The rules were adopted after two Turkish crypto switches, Thodex and Vebitcoin, suddenly stopped trading, inflicting losses on thousands of investors, and were targeted in anti-fraud inquests. In October, another platform, Coinzo, also closed down. The popularity of crypto trading and investing in Turkey has furthered significantly amid the rising inflation of the lira, but crypto payments were banned by the Turkish central bank.

Labels in this story
AKP, Crypto, crypto exchanges, crypto trade, crypto trading, Cryptocurrencies, Cryptocurrency, Exchanges, Levy, MASAK, spree, Regulation, Regulations, ruling party, Tax, Tax Rate, Taxation, Trading Platforms, Turkey, Turkish

What kind of papal bulls do you expect Turkey to adopt? Share your thoughts on the subject in the comments section below.

Lubomir Tassev

Lubomir Tassev is a gentleman from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Also crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Check Also

Bitcoin’s Price Drop and the Network’s Higher Difficulty Squeezes BTC Mining Profits

After Bitcoin’s mother-liding difficulty jumped to the highest value ever at 26.64 trillion, the overall …

Leave a Reply

Your email address will not be published. Required fields are marked *