2024 Turkish Presidential Annual Program Introduces Crypto Taxation. 🇹🇷
The "2024 Yılı Cumhurbaşkanlığı Yıllık Programı" (2024 Presidential Annual Program) has been officially published in the Resmi Gazete, Turkey's official gazette. The program, approved by President Recep Tayyip Erdoğan, outlines key economic and financial policies for the year, with a notable focus on cryptocurrency taxation.
Strengthened Inflation Control:
The program emphasizes the continued use of monetary policy tools to combat inflation and promises coordinated efforts between fiscal and income policies with monetary policy.
Regulatory Framework for Crypto:
The program discusses the need for a regulatory framework for cryptocurrency service providers, signaling a move towards clearer rules and oversight in the crypto industry.
Integration of Istanbul Financial Center:
There's a commitment to strengthening the integration of the Istanbul Financial Center into the international financial system, with a specific reference to cryptocurrency asset regulation.
Digital Virtual Asset Taxation:
The program underlines the importance of legislation related to transactions involving digital virtual assets, including their taxation. This highlights the government's intention to establish a legal framework for taxing digital assets.
Key Actions:
- The Treasury and Finance Ministry, in collaboration with the Central Bank of Turkey, will work on regulatory measures for crypto asset service providers.
- Various government entities, including the Ministry of Treasury and Finance, Revenue Administration (GIB), and Capital Markets Board (SPK), will engage in defining digital virtual assets within the Turkish legal system for taxation purposes.
This annual program reflects Turkey's growing interest in regulating the cryptocurrency sector and ensuring it is included in the tax system. It marks a significant step in the country's efforts to provide clarity and oversight in the crypto industry.
