The Turkish population has increasingly used cryptocurrencies in the face of rising inflation.

Turkish people have increasingly used cryptocurrencies amid rising inflation, and the use of Bitcoin and other cryptocurrencies in Turkey has increased 11-fold, reports Golden Financial. Currently, there are no laws regarding the taxation of cryptocurrency markets or NFTs. According to Eren Can Ersoy and Ezgi Kartın of Kılınç Law & Consultation, if a cryptocurrency is classified as "security" or "commodity", the taxation is as follows: Security: For cryptocurrency to become a safe haven, it must be considered a "financial asset". Accordingly, in 2021, profits from cryptocurrency exchanges and the value of more than 19,000 lira from cryptocurrency exchanges will be taxed but not VAT. Commodities: Any income above TL 43,000 in 2021 will be taxed on income or if cryptocurrencies are considered commodities and taxpayers are not traded. If the taxpayer joins the business, the benefits are business benefits and are taxable and subject to VAT. (cointegraph)