Turkey, the eighth-largest economy in continental Europe, is proposing a new tax on crypto transactions to recover from budget setbacks caused by earthquakes in 2023, as reported by Bloomberg. The plan aims to generate $7 billion for the Turkish government, with the Ministry of Treasury and Finance drafting the bill in response to unexpected expenses following the natural disasters and pre-election spending. The government’s spending exceeded the initial budget, leading to an estimated deficit of 6.4% of GDP.

The proposed tax overhaul 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 proposed 0.03% transaction tax on digital asset trades. If approved, this would be the most significant reform of Turkey’s tax code since 1999.

A recent study by KuCoin revealed that over half of Turkish adults are involved in crypto investing, with a 12% increase observed from mid-2022 to September 2023, predominantly driven by female traders. While male investors still hold the majority at 57%, there is a growing trend of female participation, especially among younger age groups, with 47% of crypto investors aged 18 to 30 being female.

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