The Turkish Government Dispels Rumors About Potential Crypto and Stock Return Taxes
On Wednesday, the top economic official in Turkey dismissed rumors that cryptocurrency and stock earnings will be subject to taxation. However, a "very limited" cost for transactions was something he did hint at.
Taxing cryptocurrency and stock market earnings is not on our radar at the moment. Finance Minister Mehmet Simsek reportedly said, "There may be a very limited fee or taxation on a transaction-based basis" as reported by Daily Sabah quoting Anadolu Agency.
His remarks followed a Tuesday Bloomberg story claiming that Turkey was contemplating taxing cryptocurrency and stock earnings. During a meeting of the governing party over the weekend, Simsek allegedly revealed these ideas.
At a public gathering, nevertheless, Simsek said that Parliament will decide on the final tax rate.
I am not qualified to make a remark on the rate. Because our Parliament has discretion over the topic. He said that his party will "leave no area untaxed" in its pursuit of tax equity and efficiency.
To Meet Global Standards, Turkey Introduces Crypto Bill
An important member of the Turkish governing party proposed a cryptocurrency law last month with the goal of standardizing the country's cryptocurrency markets with those of other developed nations.
The goal of the measure is to make cryptocurrency firms in Turkey adhere to more stringent regulations in order to remove the country from the Financial Action Task Force's gray list. The second reason is that it makes it possible to formally authorize these businesses to operate. The new regulations are modeled after the regulations that govern stock markets and include obtaining licenses and adhering to international standards.
Simsek had previously said that the country's cryptocurrency legislation were almost finished earlier this year. He said that establishing licencing and operating standards for trading platforms and reducing risks connected with crypto trading are the main goals.
