Foresight News reports that, according to Reuters, Turkey’s ruling Justice and Development Party (AK Party) submitted a draft law to Parliament on Monday proposing to tax cryptocurrency income and impose transaction fees on crypto asset service providers. The draft stipulates that platforms must withhold 10% withholding tax on profits and gains from crypto asset transactions each quarter, while profits from crypto transactions conducted outside authorized platforms must be reported annually for taxation. Additionally, the proposal requires crypto asset service providers to pay a 0.03% transaction tax on sales and transfers they execute or facilitate. Blockchain research firm Chainalysis reports that, driven by high inflation and the depreciation of the lira, Turkey’s cryptocurrency adoption rate ranks among the highest in the world, with annual transaction volume reaching nearly $200 billion by 2025.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Certain CEX CEO: The CLARITY Act could provide regulatory certainty if passed by Congress
Gate News reports that on March 21, a CEX Chief Executive Officer Vlad Tenev posted on X stating that the industry is at an important inflection point in its development. He pointed out that if Congress passes the CLARITY Act, the industry will finally obtain the regulatory certainty it has long advocated for. He believes that the current key controversy lies in determining whether customers should earn yield from the stablecoins they hold.
GateNews55m ago
UK Regulator Shuts Down Crypto Exchange Zedxion, Accuses It of Processing Approximately $1 Billion in Funds for Iran
UK regulators have shut down cryptocurrency exchange Zedxion, accusing it of processing approximately $1 billion in funds for Iran's Islamic Revolutionary Guard Corps, in violation of international sanctions. This action follows sanctions imposed by the United States and European Union against Zedxion, reflecting a global trend of increasingly stringent regulation of cryptocurrency exchanges.
GateNews4h ago
South Korea's National Tax Service Plans to Complete Selection of Virtual Asset Custodian Service Providers in the First Half of the Year
Gate News - On March 21, South Korea's National Tax Service plans to complete the selection of virtual asset custodian service providers in the first half of this year. This initiative stems from a virtual asset theft incident that occurred last month, when the National Tax Service accidentally leaked mnemonic phrase information while announcing the results of an on-site investigation, resulting in the seized virtual assets being stolen twice.
GateNews5h ago
U.S. House Committee on Financial Services will hold a tokenization hearing on March 26
Gate News, on March 21st, crypto journalist Eleanor Terrett posted on the X platform stating that the U.S. House Committee on Financial Services plans to hold a hearing on tokenization on March 26th at 10:00 AM (Eastern Time). Blockchain Association CEO Summer Mersinger will attend as an invited witness.
GateNews6h ago
BoE Faces Strong Backlash Over Proposal to Limit Stablecoin in UK
The Bank of England faces rising opposition to a proposal limiting GBP stablecoin holdings to £20,000 for individuals and £10 million for businesses. Introduced to protect financial stability, critics argue it could disrupt lending and hinder growth in the crypto sector.
TapChiBitcoin6h ago
Hong Kong Securities and Futures Professionals Union Chairman: Virtual Asset Regulatory Approach Should Not Be Applied to Traditional Securities Industry
Gate News reported that on March 21, Hong Kong Securities and Futures Professionals Union Chairman Chen Zhihua commented on the controversy surrounding brokers' "pre-registration of designated bank accounts" for customers. He stated that although the regulatory circular proposes establishing a bank account registration mechanism with caps, the related practices may stem from inappropriately applying virtual asset regulatory concepts (such as pre-approval of wallet addresses) to the traditional securities industry.
GateNews6h ago
