Turkey, the eighth-largest economy in continental Europe, is considering a new tax on cryptocurrency transactions to help recover its budget after being hit by earthquakes in 2023. According to a recent report by Bloomberg, this proposal could bring in an estimated $7 billion for the Turkish government.
The Ministry of Treasury and Finance in Turkey has put forward a plan to address the budget deficit caused by unexpected expenses from earthquakes and pre-election spending. The proposed bill includes a 15% tax on multinational corporations earning money in Turkey, a requirement for real estate investment trusts to pay a minimum corporate tax on property profits, and a potential 0.03% transaction tax on digital asset trades.
If approved, this plan would be the most significant change to Turkey’s tax system since 1999. A study by KuCoin last year revealed that more than half of Turkish adults are involved in cryptocurrency investing, with a noticeable increase in female participation, particularly among younger investors.
While male investors still make up the majority at 57%, there has been a growing trend of women entering the market, with 47% of crypto investors aged 18 to 30 being female. Stay updated with the latest news by subscribing to our email alerts and following us on X, Facebook, and Telegram. Remember to conduct thorough research before making any investments in Bitcoin, cryptocurrency, or digital assets, as all transfers and trades are at your own risk. The Daily Hodl does not provide investment advice and participates in affiliate marketing.
