New Regulation for Cryptocurrency Exchanges from the Ministry of Treasury and Finance

A new regulation was made within the scope of effort with tax evasion. The General Statement of the Tax Method Law, published in the Official Gazette, also concerns those who provide crypto money services.

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According to the notification, legal persons or entities that do not have legal personality, defined as “real beneficiary”, have finally been required to notify real persons or individuals who control or have influence over them. Accordingly, the real beneficiary information notification has to be made by the end of the month as of August 1, 2021.

Many different organizations, including banks, financing companies, capital market intermediary institutions, factoring companies, portfolio management companies, sports clubs and crypto asset service providers, which are deemed liable for the implementation of the “Law No. (GİB) when requested by the actual beneficiary of the processes carried out by its customers.

In the meantime, the subordinate units of the obligor whose head office is abroad are also obliged to inform the real beneficiary of the processes carried out by their customers, if requested by the Revenue Management Department.

Notification will be made in August of every year

The real beneficiary information will be notified electronically to the Revenue Administration until the end of August every year. This information will be kept by the taxpayers for 5 years starting from the beginning of the calendar year following the date of notification.

On the other hand, penalties will be applied to those who do not report information that is necessary to be informed or who provide incomplete / misleading information.

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