Turkey Rules Out Crypto Profit Tax, Considers Transaction Tax

Turkey will not tax crypto profits but is considering a limited transaction tax on these assets. Details are still being discussed, according to Finance Minister Mehmet Simsek.

Turkish Treasury and Finance Minister Mehmet Simsek announced that there are no current plans to tax profits from cryptocurrencies. However, the government is contemplating a “very limited” transaction tax on crypto assets, though details are yet to be finalised.

This clarification follows earlier Bloomberg reports suggesting that taxing crypto profits was being discussed as part of Turkey’s fiscal consolidation measures. Turkey has recently reduced the tax rate on stock market profits from 10% to 0%. Ministry officials confirmed that discussions regarding the potential transaction tax are still ongoing.