Minister Şimşek announces taxation on cryptocurrency income in Turkey

Türkiye’s rapid strides towards taxing cryptocurrency gains signify a pivotal shift in its economic regulation policies.

Key Developments in Türkiye’s Cryptocurrency Regulation
In recent days, Turkey has made significant progress in the regulation and taxation of crypto assets. Finance Minister Mehmet Şimşek delivered crucial insights on the subject during his economic presentation, suggesting that comprehensive measures are on the horizon.

Major Tax Reforms Underway
Finance Minister Şimşek announced that several tax exemptions, reductions, incentives, and exceptions would be revoked. He also mentioned that the tax on fund incomes would be increased, signaling a rise in the withholding tax rate from the current 7.5% to 10%.

he most striking takeaway from Şimşek’s disclosures was related to the taxation of income from cryptocurrency and stock market transactions. “Globally, if there is income, there should be a corresponding tax. Crypto assets, exchange-traded assets, investment funds, etc., need to be regulated,” he asserted.

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