The tax issue, which Turkey’s cryptocurrency community has been talking about for years, was not included in the package submitted to the Presidency of the Grand National Assembly of Turkey. AK Party Group Chairman Abdullah Güler presented the final draft of the draft, which includes many articles from pensions to foreign exit fees, to the Presidency of the Grand National Assembly.

Crypto and stock market investors relaxed for now

As it is known, Treasury and Finance Minister Mehmet Şimşek said in a recent statement that it is technically difficult to levy taxes on transactions in cryptocurrencies, but that they aim to levy an earnings tax in the next package.

There was a decline in Borsa Istanbul after the statements of Şimşek, who stated that they are considering taxation, especially in stock investments. However, according to the package content seen today, there is no tax article for stock exchanges and brokerage houses such as cryptocurrencies.

“A positive development for the crypto asset market”

Çağhan Tansel, Lawyer and Bahçeşehir University Block Chain Law Lecturer, said, “The fact that taxes on crypto asset transactions are not yet regulated in the tax package is a positive development for the crypto asset market.”

Tansel emphasised that this has a financial and psychological and a legal aspect, “From a financial and psychological perspective, investor interest will increase in parallel with the global positive developments led by the US in the crypto asset market. From a legal and more local point of view, it is necessary to see the fact that the Capital Markets Board has not yet made secondary regulations, and that the tax on crypto asset transactions or revenues is not introduced in terms of legal policy. I think that the ideal here would be to start making tax regulations after the crypto asset market and transactions progress and settle a little more.” commented.

Tansel also made the following assessment:

“Of course, Turkey would like to introduce regulations that will increase the investment appetite of foreign investors, such as not being taxed from crypto asset revenues for a certain period of time. However, in the event that this possibility does not materialise, not rushing and waiting for the crypto asset market to settle more and making tax regulations at a later time will contribute in every way.”