Following days of debate in Türkiye regarding tax regulations for cryptocurrency transactions, a significant development has occurred. According to a statement by AK Party Deputy Chairman Ömer İleri, the 10% capital gains tax on cryptocurrency transactions will not be applied. Under the new regulation, only a transaction tax of 0.03% will be levied on transactions conducted on platforms subject to the supervision of the Capital Markets Board (SPK). This development significantly clarifies the uncertainties surrounding the tax model, which has been intensely debated, particularly among cryptocurrency investors. Previously leaked draft text envisioned both a transaction tax and a 10% withholding tax on capital gains. However, recent announcements reveal that this second tax has been excluded from the regulation.
Only transaction tax will be applied
In a statement made on social media platform X in the evening, Ömer İleri announced that the articles concerning cryptocurrencies in the bill discussed in the Grand National Assembly's Planning and Budget Committee had been accepted. According to İleri, a transaction tax of 0.03% will be levied on purchase, sale, and transfer transactions conducted on platforms subject to SPK regulation.
İleri emphasized that the tax in question will be the final tax and that no additional tax will be applied. It was also stated that crypto transactions will be exempt from Value Added Tax (VAT).
In this context, investors who conduct transactions through platforms operating in Türkiye and authorized by the Capital Markets Board (SPK) are expected to be subject only to transaction tax. Thus, no additional withholding tax or income tax will be deducted from investors' earnings.
Which platforms are subject to SPK?
One of the most frequently asked questions by investors after the new regulation was which platforms are subject to SPK supervision. This is because the tax regulation only covers transactions conducted through these platforms.
According to the "List of Operators" on the SPK's official website, the platforms operating in Türkiye and subject to regulation include companies such as Binance TR, BtcTurk, Paribu, OKX TR, Bybit TR. The list covers a total of 58 different companies. The full list is as follows:
The only tax that will be applied to investors in transactions carried out on these platforms will be a transaction tax of 0.003%. In other words, no additional tax will be deducted from the earnings.
Different application for foreign platforms
Another point that stands out within the scope of the regulation is the situation of cryptocurrency platforms based abroad. According to the explanations, transactions made on platforms that are not subject to the supervision of the Capital Markets Board (SPK) are outside this scope.
Therefore, investors using platforms that are not officially registered in Türkiye, such as Binance Global, may need to declare their earnings with an annual income tax return. These incomes will be evaluated under the general income tax provisions.
SPK blocks access to unauthorized platforms
On the other hand, the Capital Markets Board continues to take steps to increase investor security. The institution announced that it has initiated the process of blocking access to 46 internet sites that were determined to be enabling investors residing in Türkiye to conduct leveraged trading and crypto asset trading without authorization over the internet. In accordance with the decision taken under Article 99 of the Capital Markets Law, legal proceedings have been initiated against the websites in question. The Board emphasized that inspections will continue against platforms operating without permission to prevent investors from suffering losses.
