Turkey Targets Crypto Taxation and Regulation in 2024

The region will establish a robust regulatory framework and a comprehensive cryptocurrency taxation system.

Man calling whales for help in the Mediterranean Sea with the flag of Turkey in the background.
  • The Turkish government is set to establish a regulatory framework for the cryptocurrency industry in 2024.
  • The regulations will come with a taxation system for the asset class.
  • The system will prioritize the protection of Turkish investors.

With the increasing popularity of the cryptocurrency industry, global cryptocurrency regulation has become quite the buzzword among financial authorities worldwide.

In line with this, Turkey, which had previously expressed keenness in the cryptocurrency industry, is now planning to formally renew discussions about it for its forthcoming agenda.

Landmark Regulations for Turkey

The Turkish government has unveiled ambitious plans to establish a comprehensive regulatory framework for cryptocurrencies and digital assets, which will be a pivotal part of its annual government plan for 2024.

According to the 2024 Presidential Annual Program, as recently published in the Official Gazette, the government is committed to taking renewed and decisive steps in the upcoming year to finalize underway crypto regulatory efforts.

“Legislative studies will continue regarding transactions made using virtual assets that represent a digital value that can be bought, sold, and transferred digitally.”

Building on the initiative, the government also emphasized its commitment to regulating cryptocurrency exchanges and ensuring the protection of investors within the region to promote a transparent and well-regulated crypto ecosystem. 

In parallel, a dedicated taxation system will be established for virtual assets. In the “Activities and Projects to be Conducted” column of article 400.5 of the table titled “Policies and Measures”, the government stated, “Efforts will be made to define these digital virtual assets within the Turkish legal system for the purpose of their taxation.

Upon enforcement, virtual asset providers and exchanges operating within the Turkish region must comply with the new regulatory standards.

Read more on global crypto regulation as authorities tighten on the asset class:
Taiwan Boosts Crypto Regulation With New Crypto Bill 

Japan is taking a major leap towards regulating stablecoins globally. Read more:
Japan Sets New Precedent in Global Stablecoin Regulation

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Grace Abidemi

Grace Abidemi, a cryptocurrency reporter at DailyCoin, covers industry developments and trends. She previously worked as a freelance writer. With a Bachelor's degree in German Language and certifications in marketing and storytelling, Grace creates engaging content. When not working, she's in Nigeria, mastering cooking and canvas painting, and enjoys learning about different cultures and languages.