• Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer
Friday, February 3, 2023
Galveston County News Online
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
No Result
View All Result
Home Technology Crytpocurrency

Ruling Party Sources Deny Plan To Levy 40% Tax On Crypto Yields In Turkey – Regulation Bitcoin News – Bitcoin News

ruling-party-sources-deny-plan-to-levy-40%-tax-on-crypto-yields-in-turkey-–-regulation-bitcoin-news-–-bitcoin-news
Share on FacebookShare on Twitter

Ruling Party Sources Deny Plan to Levy 40% Tax on Crypto Yields in Turkey

The government in Turkey does not intend to impose a 40-percent levy on crypto-related gains as has been alleged, members of the ruling AKP party have indicated to the local press. They have also emphasized that the current regulatory efforts are aimed at creating a sustainable environment for the blockchain industry.

Turkey to Establish Regulatory Base for Cryptocurrency Market

A legislative proposal tailored to regulate cryptocurrency trade in Turkey is likely to be submitted to the parliament in the upcoming weeks. Sources from the Justice and Development Party (AKP), the country’s ruling political force, have “strongly denied” allegations that authorities in Ankara are going to tax cryptocurrency gains at a rate of 40%, the Turkish newspaper Hürriyet reported.

One of the AKP representatives, the deputy leader of the party’s parliamentary group Mustafa Elitaş, commented on social media last month that the new law will serve to regulate Turkey’s crypto system, while “preventing malicious acts, protecting investors and countering grievances” as he put it. He remarked that drafts prepared by other institutions have also been mentioned by the media but stressed that the legislature will have the final say.

On Dececmber 29, Elitaş organized a meeting with 13 representatives of cryptocurrency platforms operating in Turkey at the parliament in Ankara. It was also attended by officials from the Treasury and Finance Ministry, the Banking Regulation and Supervision Agency (BDDK), the Financial Crimes Investigation Board (MASAK), and the Central Bank of Turkey. The participants voiced their support for the adoption of a regulatory framework that would allow further amendments to reflect changes in the space.

AKP Examines UK, US Crypto Regulations

According to a report by another major Turkish daily, Milliyet, senior members of the AKP have been reviewing current regulations in the U.K., U.S., and Japan this week. Achieving transparency, safety and auditability of crypto exchange platforms will be the first priority of Turkey’s own regulations, Hürriyet revealed, quoting party officials who chose to remain anonymous. Establishing a suitable financial environment to accommodate a growing blockchain sector is the next key goal, they added.

More than 30 crypto trading platforms are currently operating in Turkey, the publication noted, and the country’s crypto assets market is among the world’s top five with almost 5 million user accounts. The daily trading volume on the largest exchange, Binance, amounts to around $320 million. Last month, MASAK fined Binance’s Turkish platform, BN Teknoloji, 8 million lira (over $750,000 at the time) for violations established during liability inspections.

In May of 2021, MASAK issued a set of guidelines for crypto service providers, obliging digital asset exchanges to carry out identity verification of their customers and report suspicious transactions, including high-volume trading. The agency can impose fines on platforms that fail to fulfill their duties and even prosecute their owners.

The rules were adopted after two Turkish crypto exchanges, Thodex and Vebitcoin, suddenly stopped trading, inflicting losses on thousands of investors, and were targeted in anti-fraud investigations. In October, another platform, Coinzo, also closed down. The popularity of crypto trading and investing in Turkey has increased significantly amid the rising inflation of the lira, but crypto payments were banned by the Turkish central bank.

Tags in this story

AKP, Crypto, crypto exchanges, crypto trade, crypto trading, Cryptocurrencies, Cryptocurrency, Exchanges, Levy, MASAK, party, Regulation, Regulations, ruling party, Tax, Tax Rate, Taxation, Trading Platforms, Turkey, Turkish

What kind of regulations do you expect Turkey to adopt? Share your thoughts on the subject in the comments section below.

5D400B11 D5DE 4922 B4F4 0F7229C37672

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

SEC Charges Australian 'Man Behind the Machine' in $41M Crypto Fraud Scheme

Investors in Collapsed South African Crypto Platform Push for Jailing of Africrypt Directors

Image Credits: Shutterstock, Pixabay, Wiki Commons

Galveston County News Online

© 2021 Galveston County News Online

Navigate Site

  • Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer

Follow Us

No Result
View All Result
  • Home
  • DMCA Policy
  • Medical Disclaimer
  • Privacy Policy
  • Disclosure
  • CCPA
  • Terms of Use

© 2021 Galveston County News Online

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT