Crypto assets have been around the world for years. legality and taxes It remains in a gray area, and one of the most curious questions about this growing asset class concerns the tax issue. The presidential annual program for 2024 was also announced last month Turkish investors in crypto assets It made me curious.

Especially Turkiye, TripleA Global Crypto Ownership Data, August 2023 According to research, crypto asset investors are currently active 17th country in position. This research too 5.46% or 4,684,727 people It shows that you own crypto assets.

There are two important statements regarding the exchange of crypto assets and crypto assets in the 2024 presidential annual program.

1. Regulatory work will be carried out for crypto asset service providers. (Measure 383.1.)
2. For the taxation of digital virtual assets, studies will be completed to define these assets in the Turkish legal system. (Size 400.5.)

Also in the Development Plan p.400 it says: “The tax system will be developed in accordance with international standards and in a manner that will contribute to the development and deepening of the digital economy by maximizing the protection of the country’s interests, understanding the informality of digital activities and increasing the attractiveness of investments . environment.”

These statements are short: About crypto asset exchanges Laws will be introduced and at the same time, investors in crypto assets in a way that doesn’t bother you It shows the fiscal future.

How is the tax levied on the purchase and sale transactions of shares in Borsa Istanbul?

Because we don’t know yet what the tax on crypto assets will be Tax method in Borsa Istanbul let’s see:

Automatically from people who earn income from stock trading transactions in Borsa Istanbul discontinuation via (Income Tax Act Article 67 Income Tax Act) tax is being done.

This means that tax is levied on the income earned before the money runs outat the source without going to the bank deducted/paid resources. In short, the brokerage firm you use is This tax is debited from your account as soon as you make a profit.

The eyes of the world are on US regulations for crypto assets, but US citizens are already paying crypto taxes.

in America crypto assets are real estate for tax purposes It is counted as. This requires US citizens to pay crypto taxes in some cases. For example, if a US person pays for crypto and the price of the asset has increased since the date he received the crypto must pay taxes.

Taxable situations:

• Sell ​​crypto assets for fiat money and make a profit
• Buying goods or services with crypto assets
• Buying and selling various crypto assets

Non-taxable situations:

• Buy and hold crypto with fiat
• Donate crypto to a tax-exempt charity or non-profit organization
• Buying and giving crypto gifts
• Transfer crypto assets to your own account

For example, if someone from the US buys Bitcoin for $20,000 and sells it for $25,000, your winnings of $5,000 have to pay taxes. Crypto mining activities can also be taxed in the United States. Companies that do crypto mining as a business make money business income income must document as such.

Crypto asset taxes in the US in brief plays a role when making a profit And Holding crypto assets is not taxable.

How can crypto asset service providers be regulated in Turkey and what tax can be levied on crypto assets?

First mentioned in the 2024 presidential annual program Unregulated crypto asset service providers let’s talk. The term “cryptoasset service providers” used here is very broad and It covers companies that provide all kinds of services with crypto assets other than exchanges.

According to the 2024 annual program above that Turkish Ministry of Finance and Finance and CBRT will investigate. However, in our country, the Capital Markets Act (CMB) carries out many activities, such as the supervision of public offering activities, stock exchanges, listed companies, intermediary institutions and organizations.

If there is a law regarding crypto asset service providers, it is this It may require any crypto service provider to register with the CMB and be subject to its supervision.

In terms of crypto asset tax: Since taxes are deducted at source on stock purchases and sales transactions in Borsa Istanbul in our country, A similar approach can also be applied to crypto assets.

If such a law comes into play, the exchange you use when making a profit from a crypto asset trade Your taxes are withheld from the profits you make for you.

Important note: The opinions expressed in this content have no official basis. You can access the resources we use via the link below. Crypto tax laws are still being developed in Turkey and we will keep you informed of the steps taken in this area.

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