Türkiye's ruling party has proposed a 10% tax on crypto income and a 0.03% transaction tax for service providers.

According to ME News, on March 2nd (UTC+8), Turkey's ruling Justice and Development Party (AK Party) submitted a draft law to parliament on Monday proposing a tax on cryptocurrency income and a transaction fee for cryptocurrency service providers. The draft law stipulates that platforms must withhold a 10% tax on cryptocurrency trading revenue and profits quarterly, while profits from cryptocurrency trading outside authorized platforms must be taxed annually. Furthermore, the proposal requires cryptocurrency service providers to pay a 0.03% transaction tax on sales and transfers they execute or facilitate. A report by blockchain research firm Chainalysis shows that, driven by high inflation and the depreciation of the lira, Turkey has one of the highest cryptocurrency adoption rates in the world, with annual transaction volume expected to reach nearly $200 billion by 2025. (Source: ME)