ANKARA – Turkish lawmakers are examining proposed legislation that officials project will bring in a minimum of 4.2 billion lira (approximately $95.58 million) each year through new taxes on cryptocurrency activities, based on the bill’s financial impact assessment.
Government analysts indicate the actual revenue from digital currency taxation could exceed these initial projections, though precise calculations remain difficult since this represents Turkey’s first attempt at comprehensive crypto asset taxation.
The legislation, introduced by President Tayyip Erdogan’s AK Party, would establish a dual taxation system for digital currencies. Cryptocurrency transactions would face a 0.03% transaction fee, while profits earned from trading on government-approved platforms would be subject to a 10% withholding tax.
Officials acknowledged in their analysis that determining exact budget contributions from the profit-based crypto tax remains challenging at this stage.
The draft legislation also includes provisions beyond cryptocurrency, proposing a 20% special consumption tax on certain precious stones. This additional measure is projected to contribute roughly 1.9 billion lira annually to Turkey’s government revenues, according to the impact study.
The exchange rate used in calculations values one U.S. dollar at 43.9432 Turkish liras.
