Turkey Moves Forward with Cryptocurrency Regulation Efforts

Turkey's regulatory efforts regarding cryptocurrencies have come into the spotlight. According to Dr. Ömer İleri, Deputy Chairman of the AK Party and Head of Information and Communication Technologies, it is a natural process for governments to develop legal frameworks for new technologies like crypto assets.

The government has proposed a tax on crypto transactions, with a flat rate of 3 per ten thousand planned for purchases, sales, and transfers conducted through platforms regulated by the Capital Markets Board (SPK). This would be the final tax, with no additional taxes applied. Furthermore, cryptocurrency transactions would be exempt from Value Added Tax (VAT).

The regulation efforts are part of Turkey's broader goal to become a leader in emerging tech fields, as outlined in President Recep Tayyip Erdoğan's 'Türkiye Century' vision.