Recent rumors about high tax rates for cryptocurrency investors in Turkey sparked concern and confusion. However, Finance Minister Mehmet Şimşek has now clarified the rates, putting investors at ease. According to Habertürk, cryptocurrency transactions will be taxed at 0.04%, while those on Borsa Istanbul will be taxed at 0.02%. Additionally, gains from cryptocurrency investments will not be subject to taxation.

The tax is similar to a transaction commission fee and aims to support the Treasury. The rates mean that investors will pay a reasonable 40 lira in tax on a 100,000 lira transaction. It's important to note that the law is not retroactive, so past transactions will not be taxed. While the exact details of how the system will work, especially for bank transfers to exchanges, are yet to be confirmed, the announced rates bring much-needed clarity to the market.

In conclusion, Turkey has set its cryptocurrency tax rates, ending speculation and providing a framework for investors to operate within. With reasonable tax rates and no taxation on gains, the Turkish cryptocurrency market can now move forward with renewed confidence.