Turkey’s Treasury and Finance Minister Mehmet Şimşek is considering a new tax on gains from stocks and crypto investments to support disinflation efforts. This proposal aims to ensure proper taxation amidst high inflation and was discussed in a recent ruling-party meeting.
Turkey has been contemplating crypto regulations to be removed from the Financial Action Task Force’s (FATF) “grey list.” In 2022, the AK Party proposed a minimum capital requirement for crypto businesses, but no final decision has been made.
In November 2023, Şimşek announced the introduction of crypto legislation, noting Turkey’s near-complete compliance with FATF standards. By early 2024, new regulations were emphasized to mitigate crypto trading risks and protect retail investors.
Turkey has been on FATF’s “grey list” since 2021, impacting its fragile economy. High inflation has driven many Turks to cryptocurrencies as an alternative financial refuge.
This strategic move is crucial for enhancing economic stability and restoring investor confidence.
