• Traders hedge against inflation and unstable lira
• Exchanges to withhold 10% of gains
• President can move levy between zero and 20%

Turkey’s government plans to tax earnings from cryptocurrency investments, seeking to tap the growing trend of trading in tokens as a hedge against inflation and lira instability. 

Draft legislation tabled with parliament this week aims to regulate crypto trading and boost state coffers with new levies due two months after lawmakers’ approval.

Under the bill, crypto traders operating through authorised exchanges will have 10 percent of their gains withheld automatically, with the regulation applying to individual investors and companies, be they resident or non-resident. The…