This is definitely sad news for cryptocurrency investors, because the declaration required from investors using global stock exchanges remains the same in the new law. While everyone was focused on Türkiye’s match against Kosovo, it was clear that they would go to the World Cup. crypto tax law He also learned that it passed the commission largely in its old form.
Update 01:56: Mv. Sadullah Kısacık said, “this is the old draft” despite the 31 March commission approval of the Turkish Grand National Assembly.
“There is a message on social media regarding the taxation of crypto assets. This is the first version of the bill circulating. The government withdrew the relevant articles of the bill and these articles were not discussed in the Turkish Grand National Assembly. “As plan and budget commission members, there is no new draft submitted to us.”
Cryptocurrency tax law has not changed
Ömer İleri, who made great efforts to shape the legislation in this field, announced that the law was withdrawn after the reaction from the community. This statement, which came during the omnibus bill negotiations, put a smile on investors’ faces and increased hopes that their concerns would be taken seriously. As a matter of fact, Ömer İleri wrote the following on March 26;
“Our group has forwarded to the General Assembly the proposal to withdraw the articles regarding crypto assets included in the bill that we discussed at the GNAT General Assembly, for re-evaluation, taking into account the rapid changes and developments in the sector.
“Our country will increasingly continue to claim to be integrated and a pioneer in the world in innovative-technological sectors, as in every field, with the vision of the Türkiye Century.”
Although this statement by Ömer İleri, AK Party Deputy Chairman and Head of Information and Communication Technologies, raises the expectation that we will see changes in the law, the last draft passed by the Planning and Budget Commission hours ago shows that there is no significant change.
Crypto tax law
Although it is initially promising to consider the reaction of more than 10 million cryptocurrency investors law passed by committee A complete disappointment. Global crypto investor The loss of the attractiveness of Gulf centers such as Dubai due to the Iran war opened a window of opportunity for Türkiye. It is possible for investors and startups with billions of dollars of assets to migrate to Türkiye. However, this version of the law will cause Turkish investors trading on global stock markets to lose sleep due to the worry of up to 40% tax, and perhaps migrate to more attractive regions.
In its final form, the law brings the 0.03% transfer tax we mentioned before and a 10% withholding tax on local stock exchanges. For withdrawals made from global stock exchanges that are not subject to CMB, an annual income declaration will be required.
