Turkey refutes any intentions to impose taxes on gains from cryptocurrencies and stocks

Turkey has decided against implementing taxes on profits from stocks and cryptocurrencies, opting instead for a potential “very limited” transaction levy.
According to reports from Bloomberg, Treasury and Finance Minister Mehmet Şimşek revealed in an interview in Ankara that the government is contemplating a transaction tax on assets, albeit on a very restricted basis.
“Our goal is to ensure that no area goes untaxed in order to achieve fairness and efficiency in taxation,” Şimşek remarked, although he did not specify the precise size of the tax. Back in 2008, Turkey had slashed its tax rate on stock market gains from 10% to 0%.
Bloomberg had previously disclosed on June 4 that Turkish authorities were mulling over imposing taxes on profits from stock and cryptocurrency trading. Minister Şimşek emphasized during a recent meeting the necessity of properly taxing all financial earnings.
Currently, Turkey lacks specific regulations for taxing cryptocurrencies, but efforts are underway to establish a legal framework for digital assets.
On May 16, the ruling party in Turkey introduced a new bill aimed at regulating the crypto market. The bill mandates that crypto businesses obtain licenses and adhere to international standards, including oversight by capital markets authorities.
Additionally, the legislation requires compulsory revenue collection from crypto service providers and prohibits foreign crypto brokers to promote a domestically regulated ecosystem. Reports from local media suggest that this move is intended to address concerns raised by the Financial Action Task Force (FATF) and remove Turkey from the regulator’s “gray list.”
Turkey holds a prominent position in the global cryptocurrency market, ranked fourth in terms of estimated trading volume worldwide according to Chainalysis data. The country’s trading volume reached $170 billion in 2023, surpassing economies like Russia, Canada, Vietnam, Thailand, and Germany.
Since 2021, Turkish crypto holders have been banned from using cryptocurrencies like Bitcoin (BTC) for making payments.
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