Cryptocurrency Regulations in Turkey

Law 6493 on “Consensus Payments and Security Systems, Payment Services and Electronic Money Institutions” is the closest legislation to electronic money in Turkey. At the same time, cryptocurrencies cannot be considered a means of payment. Statements issued by the Banking Regulatory Authority (BRSA) and the Turkish Securities and Exchange Commission (SPK) also show this. The Turkish government is currently acting as an observer in this area. The government’s view of this area was previously negative, but day by day, with the progress of the Chinese bloc, it found a positive view of it.

Legislation of Cryptocurrencies

The legal status of digital currencies in Turkey cannot be discussed, as no action has been taken yet. However, the lack of a legal framework does not mean that cryptocurrencies are illegal in Turkey.

turkey court of legislation of cryptocurrency

Sales rules

As mentioned, no legal action has been taken in this regard. According to agreements between the Turkish Securities and Exchange Commission (SPK) and the United States (SEC), the Turkish government can be expected to follow the rules set by the SEC.

Taxation

There are no specific rules for taxing digital currencies in Turkey. The benefits of increasing the value of digital currencies for individuals cannot be included in one particular tax category. Accordingly, individuals are not required to pay income tax under Rule 193. This is a different matter for companies. Any income for them, regardless of its source, includes taxes, which also have digital currencies. In 2018, this rate was equal to 22%.

Money transfer and anti-money laundering laws

About 20 digital currency exchanges operate within Turkey. These platforms interact closely with Turkish commercial banks. In 2014, the Financial Crimes Investigation Authority, which oversees the Turkish Ministry of Treasury and Finance and oversees financial transfers and financial instruments of banks and exchange offices, identified bitcoin as a suspicious financial transaction. There is also no law on combating money laundering.

Ownership

Due to the lack of a definition of Cryptocurrencies, no organization in Turkey can track and monitor these digital assets’ ownership.

Mining

No laws are prohibiting or restricting mining-related activities in Turkey. Because mining requires significant electricity, overuse of electricity requires government approval. Income from mining, classified as a commercial activity, is subject to income tax following Rule 193.

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