Minister of Treasury and Finance Mehmet Şimşek made statements about cryptocurrencies in a program he attended on BloombergHT channel. He shared detailed information about the tax package that has caused significant debates in the public recently. Şimşek stated that they aim to reduce inflation to around 40% in October, even in September, and mentioned that taxes will be imposed on cryptocurrencies in the next tax package.

Tax explanation for cryptocurrencies

In his statements, Şimşek emphasized that serious efforts are being made to tax cryptocurrencies. Although capital gains taxation is not included in the current tax package being prepared, he noted that additional work is needed in this regard. Şimşek used the phrase "No area will remain unregistered. It will be taxed reasonably. There will be no untaxed areas." The work on taking taxes from both stock exchanges and cryptocurrency exchanges is ongoing, but he said that the system here is difficult due to being run through robots.

Turkish Treasury and Finance Minister Mehmet Şimşek stated that there has been a strong influx of capital into Turkey in recent months. Şimşek, who expressed the expectation that Moody's will continue to be positive after Turkey's removal from the gray list, stated that Turkey, which entered the gray list of the Financial Action Task Force (FATF) in 2021, said that it has been removed from this list last week after meeting the necessary standards. Şimşek stated that Turkey was removed from the gray list unanimously and without any objections from any country.

Simsek also added that there will be a strong fight against terrorism financing and MASAK's administrative capacity will be enhanced with the help of artificial intelligence. Simsek stated that work on cryptocurrency taxation is ongoing and that the last step Turkey needs to take to get off the FATF gray list is to prepare cryptocurrency legislation.

### What will the tax package cover

The Law Proposal Amending the Capital Markets Law, which includes cryptocurrencies, was approved and enacted in the Turkish Grand National Assembly last week. Şimşek also spoke about the tax package they are working on and expressed that the tax exemptions for REITs are being considered to be removed, and a 30% tax is planned to be imposed on build-operate-transfer companies. In addition, it was stated that crypto assets will be included in the scope of taxation.

The cryptocurrency tax package seems to have a significant impact on the country's economy. Şimşek's statements give signs of the regulations to be made in this field and provide important clues about what cryptocurrency investors can expect in the future. The results of the tax package and the work on cryptocurrencies may deeply affect the economy and investors.

Comments on Turkey's economic policy

The statements of the Minister of Treasury and Finance, Mehmet Şimşek, indicate the beginning of a new era in Turkey's economic policy. In particular, the taxation of cryptocurrencies will be a significant change for those who invest in this field. As Şimşek pointed out, ensuring that no area remains unregistered and taxing it reasonably is seen as part of Turkey's efforts to ensure transparency and justice in economic policy.

As a result, work on cryptocurrency taxation in Turkey is progressing rapidly. The statements of the Minister of Treasury and Finance, Mehmet Şimşek, paint a clear picture of the steps to be taken and the regulations that may be implemented during this process. These developments are among the important issues that cryptocurrency investors and exchange traders need to closely monitor.

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