Marshall Islands vs Turkey
Crypto regulation comparison
Marshall Islands
Turkey
Legal
Legal
The Marshall Islands passed the Sovereign Currency Act in 2018 to create the SOV, a blockchain-based national digital currency. No income or capital gains tax.
Turkey has one of the highest crypto adoption rates globally, driven by lira depreciation and high inflation. While crypto ownership is legal, the CBRT banned crypto payments in April 2021. In 2024, Turkey passed comprehensive crypto legislation under the Capital Markets Law amendment, giving the CMB authority to license and regulate crypto asset service providers. No crypto-specific tax exists yet, though legislation is under consideration. MASAK (Financial Crimes Investigation Board) oversees AML compliance.
Tax Type
No tax
Tax Type
None
Tax Rate
0%
Tax Rate
0% (legislation pending)
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
Banking Commission of the Marshall Islands
Regulator
CMB (Capital Markets Board), CBRT (Central Bank), MASAK
Stablecoin Rules
No specific stablecoin regulation
Stablecoin Rules
Under development; CBRT banned crypto for payments
Key Points
- Sovereign Currency Act (2018) created SOV digital currency
- No income or capital gains tax
- Has been a popular jurisdiction for DAO registration
- Banking Commission provides oversight
- Limited domestic crypto adoption
Key Points
- 2024 Capital Markets Law amendment gives CMB authority to license crypto platforms
- CBRT banned the use of crypto assets for payments in April 2021
- No crypto-specific tax currently; capital gains tax legislation under discussion
- MASAK enforces AML/KYC requirements on crypto platforms
- Turkey ranks among top 5 globally for crypto adoption (driven by lira depreciation)