Under the proposed law, Turkey’s president would be allowed to change the income tax rate on digital assets from zero to up to 20%. Turkey's Justice and Development Party proposed a 10% tax on cryptocurrency income and gains as part of a draft bill amending the country’s tax laws. According to a Monday report from the state-run media Anadolu Agency, lawmakers in the Turkish Grand National Assembly proposed amending the country’s expenditure tax laws to include a 10% tax on digital assets. Under the legislation, platforms that are subject to capital gains tax in the country could be required to withhold 10% tax on gains and income derived from crypto transactions on a quarterly basis. The proposed law would allow Turkey’s president to change the tax rate on crypto from 0% to 20%, and service providers would be subject to a 0.03% transaction tax on transactions they facilitate. The country’s treasury is expected to implement regulations and enforcement for the bill, which is expected to take effect two months a...
Tether claims it has helped law enforcement in over 1,800 cases across 62 countries, freezing $3.4 billion in USDT tied to suspected illicit activity. Tether has frozen more than half a billion dollars in cryptocurrency at the request of Turkish authorities, blocking funds tied to an alleged illegal online betting and money-laundering operation. Last week, prosecutors in Istanbul announced the seizure of approximately €460 million ($544 million) in assets belonging to Veysel Sahin, accused of operating unlawful betting platforms and laundering proceeds. Officials initially declined to identify the crypto firm involved, but the company was Tether Holdings SA, the issuer of the $185 billion USDt (USDT) stablecoin, CEO Paolo Ardoino told Bloomberg. “Law enforcement came to us, they provided some information, we looked at the information and we acted in respect of the laws of the country,” Ardoino reportedly said. “And that’s what we do when we work with the DOJ, when we work with the FBI, you name it,” he added....