The Turkish government has revealed its plans to tax cryptocurrencies and establish a regulatory framework for digital assets in 2024.
The specifics of these activities are laid out in the President's Annual Plan for 2024, which provides insight on the government's stance to cryptocurrencies and their integration into the country's legal framework.
The plans were published in the "Decision on the Approval of the 2024 President's Annual Plan (Decision Number: 7739)" in the supplementary issue of the Official Gazette. The government intends to finalize cryptocurrency legislation next year.
Under the "Policies and Measures" section, item 400.5 states:
“Efforts will be made to define these digital virtual assets within the Turkish legal system for the purpose of their taxation.”
This move indicates that cryptocurrencies will finally receive a clear legal definition, and individuals involved in cryptocurrency trading will be subject to taxation on their profits.
The plan also introduces new regulatory measures for cryptocurrency exchanges. Item 383.1. states:
“New regulations will be introduced concerning cryptocurrency exchanges.”
While the detailed regulations are yet to be fully disclosed, it is evident that the government aims to enhance scrutiny and supervision of cryptocurrency exchanges.
The Turkish government's plan to tax and regulate cryptocurrencies follows a global trend in which governments sought to regulate digital assets. For instance, the Markets in Crypto-Assets Regulation (MiCA) is set to take effect in the European Union in 2024.