Foresight News reports that, according to Reuters, Turkey’s ruling Justice and Development Party (AK Party) submitted a draft law to Parliament on Monday proposing to tax cryptocurrency income and impose transaction fees on crypto asset service providers. The draft stipulates that platforms must withhold 10% withholding tax on profits and gains from crypto asset transactions each quarter, while profits from crypto transactions conducted outside authorized platforms must be reported annually for taxation. Additionally, the proposal requires crypto asset service providers to pay a 0.03% transaction tax on sales and transfers they execute or facilitate. Blockchain research firm Chainalysis reports that, driven by high inflation and the depreciation of the lira, Turkey’s cryptocurrency adoption rate ranks among the highest in the world, with annual transaction volume reaching nearly $200 billion by 2025.
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