TechFlow News, March 2: According to a Reuters report, Turkey’s ruling Justice and Development Party (AK Party) submitted a draft bill to parliament on Monday proposing a 10% tax on cryptocurrency income and a transaction tax on cryptocurrency asset service providers.
Under the draft, platforms must withhold and remit a 10% tax quarterly on income and gains derived from cryptocurrency asset transactions. Profits from cryptocurrency asset transactions conducted on unauthorized platforms will be taxed through annual tax returns. Additionally, cryptocurrency asset service providers must pay a 0.03% transaction tax on sales and transfers they conduct or facilitate.
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