Turkey Prepares to Introduce New Tax on Cryptocurrency Transactions

According to Odaily, Turkey is gearing up to introduce a new tax, which includes a 0.03% transaction tax on cryptocurrency trades. This move aims to address the national budget deficit caused by last year's earthquake and proposes a change in the way financial transactions are regulated. The tax reform proposed by the Turkish government is expected to generate 226 billion lira (approximately $70 billion), which is about 0.7% of the country's GDP. The legislation, drafted by the Ministry of Finance led by Mehmet Simsek, will be submitted to parliament for discussion at the end of June. This reform will be the largest tax reform in Turkey in nearly two decades.