Turkey To Take More Steps in Crypto Regulation, Taxation in 2024

Turkey has recently shown its great interest in cryptocurrencies and exchanges as part of its 2024 Presidential Annual Program.

The Turkish government pointed out that it may soon implement taxation and other regulatory measures for the crypto industry. While there have been discussions on crypto regulations in the past, no concrete steps have been taken until now. The Turkish government seeks to complete the regulations by the next year.

According to Decision Number 7739 published in the Official Gazette, which approves the “2024 Presidential Annual Program,” the government plans to complete crypto regulations by next year.

The document outlines some key points related to cryptocurrencies under the “Policies and Measures” section, specifically in line item 400.5 titled “Activities and Projects to be Executed.” This item highlights the need for regulatory adjustments concerning cryptocurrency exchanges.

The proposed regulations’ details have not been disclosed yet; however, the regulations seek to stabilize and secure the volatile crypto market. The crypto community has been vulnerable to manipulative tactics and incidents regarding the lack of regulations. One of them is the THODEX scandal, a scandal which called for the need for governmental oversight.

In Turkey, the adoption of crypto has surged since 2019, with nearly 50% of the population investing in or using crypto in the past three years. The expected regulations will definitely lead to an increase in the number of crypto users in the Middle Eastern country and will also impact the way other regional countries look at digital asset taxation and regulation.