Key TakeawaysThe bill grants Turkey’s president authority to adjust the rate between 0% and 20% based on asset type and holding period, without requiring parliamentary nodUnder the proposal, platforms operating under Turkey’s Capital Markets Law must withhold 10% from user gains every quarter. In a major regulatory development, Turkish lawmakers submitted legislation this week that would impose a 10% tax on cryptocurrency profits, targeting one of the world’s most active digital asset market.The country’s ruling Justice and Development Party filed the draft bill to parliament on March 2. Under the proposal, platforms operating under Turkey’s Capital Markets Law must withhold 10% from user gains every quarter. The tax applies to individuals and companies alike, regardless of residency status.However, investors trading through licensed exchanges wouldn’t need to file separate annual declarations since the tax gets deducted automatically. Meanwhile, anyone trading outside regulated platforms must report profits in yearly tax statements. Losses can only offset gains from the same type of asset within a calendar year.Further, the bill grants Turkey’s president authority to adjust the rate between 0% and 20% based on asset type and holding period, without requiring parliamentary approval for changes.Cryptocurrency platforms themselves face a 0.03% transaction tax on sales and transfers they execute or facilitate. The levy applies to the sale amount or market value of each trade. Platforms must maintain detailed records, with tax authorities pursuing users directly when false information surfaces. Crypto deliveries subject to the transaction tax would be exempt from value-added tax.Turkey recorded nearly $200 billion in cryptocurrency transactions last year, according to blockchain analytics firm Chainalysis, placing it among global adoption leaders and far exceeding regional competitors. The move assumes significance as it marks the country’s first systematic attempt at formalising cryptocurrency taxation. Previously, authorities in the country have a history of taking sporadic enforcement actions, shutting down exchanges and arresting platform founders without comprehensive legal frameworks in place.At 10%, Turkey’s proposed rate sits in the middle range internationally. Some countries charge over 30% on crypto gains while others eliminated such taxes entirely. The quarterly withholding structure mirrors Turkey’s existing approach to stock market profits, where traditional brokerages automatically deduct taxes.The draft forms part of a broader economic reform package amending both Income Tax Law and Expenditure Taxes Law. The measures would take effect two months after publication if the Turkish Grand National Assembly approves the legislation.8 Best Bitcoin Documentaries to Binge WatchPadre vs GMGN vs Photon vs BullXBitsgap Futures Bot | Binance Futures Trading BotAid to Ukraine: Binance to Launch Refugee Crypto Card for Ukrainians