Türkiye to impose new 0.03% cryptocurrency transaction tax

According to Cointelegraph, on June 14th, Turkey is preparing to introduce new taxes, including a 0.03% transaction tax on cryptocurrency transactions. This is aimed at addressing the national budget deficit caused by last year's earthquake and proposing changes to financial transaction regulation. The tax reform proposed by the Turkish government is expected to generate 226 billion lira ($7 billion), equivalent to 0.7% of the country's GDP. The Ministry of Finance, led by Mehmet Simsek, drafted the legislation and will submit it to parliament for discussion at the end of June. This reform will be Turkey's largest tax reform in nearly 20 years.