Reuters: Work underway on taxing stock and crypto transactions

The economic official who provided information to Reuters stated that work on introducing a transaction tax on the trading of stocks and crypto assets has reached the final stage.

The economic official made the statement, "Work on introducing a transaction tax on the trading of stocks and crypto assets has reached the final stage."

Under current practice, there is no transaction tax applied to stock trading.

The draft law that would bring crypto assets under the scope of the capital markets law has passed the committee stage. With this law, a definition for crypto assets was established. The economic administration had previously stated that the initial regulation would not focus on taxation and that the issue of taxation would be worked on subsequently.

WHAT IS A STOCK?

When it comes to investing in the stock market, the first investment instrument that comes to everyone's mind is stocks. A stock is the name given to the valuable documents that capital companies issue to their partners to certify their shares and partnerships. In other words, it is also seen as one of the equivalent parts of a company's principal capital.

Stocks also represent ownership or a partnership.

WHAT IS CRYPTOCURRENCY?

Taking its name from cryptography, which is a unit of encryption, cryptocurrency is a virtual and digital currency. This currency, which is not tied to any central authority, cannot be managed by any institution or organization. In the production of cryptocurrency, which is a virtual currency, the science of cryptology, which converts user and account information into a code, is utilized.

In cryptocurrency, virtual wallets and passwords are created. Virtual codes are generated to access each piece of information and perform transactions, and the security circle is maintained in this way. Digital currencies, which are encrypted based on mathematics, have an organic structure and cannot be tracked by any institution or organization. The loss or gain in value of cryptocurrencies produced by individual users is again at the discretion of individuals, and the value of a currency can change according to the supply and demand balance.

News Source: 12punto