Turkey Removes Controversial Crypto Transaction Tax Plans

Turkish parliamentarians have dropped plans to introduce a tax on cryptocurrency transactions, removing provisions from a sweeping bill designed to regulate various economic regulations and defense spending.

The contentious proposals, which envisioned imposing a 0.3% transaction tax on sales and transfers of digital assets processed by crypto service providers in Turkey, had been met with strong opposition from lawmakers and stakeholders.

The government's efforts to tap into the country's growing cryptocurrency sector remain intact, despite the removal of these provisions. The Turkish market has expanded significantly over the past few years due to high inflation in the national fiat currency, the lira.